Bitcoin Surges Past $75,600 Amid Middle East Tensions as Crypto Seeks Safe-Haven Status
Jakarta — The cryptocurrency market is showing strength amid escalating conflict between the United States, Israel, and Iran.
Bitcoin reached $75,600 USD on Tuesday morning (17 March 2026), marking its highest level in the past month. Ethereum also strengthened more significantly, briefly exceeding $2,350 USD.
Analyst Reku Fahmi Almuttaqin believes this movement reflects a shift in investor perception towards cryptocurrency assets.
Over recent weeks, Bitcoin’s movement has displayed a particular pattern in relation to oil prices. When oil prices fall, Bitcoin tends to rise, and the reverse occurs when oil prices increase. This situation means that a reduction in tensions at the Strait of Hormuz could potentially provide positive sentiment for cryptocurrencies.
However, there is another compelling narrative: cryptocurrencies as a crisis hedge. In such circumstances, Bitcoin is increasingly being viewed as an alternative store of value. This asset is borderless, difficult to seize, and has algorithmically limited supply.
“It mirrors the gold narrative, but with 24-hour digital trading liquidity,” Almuttaqin said.
Coinglass data shows that inflows into spot Bitcoin ETFs have continued to record positive inflows since 9 March. Spot Ethereum ETFs have similarly recorded the same trend since 10 March.
Amid price volatility, institutional investor accumulation continues to increase. Over the past week, net purchases of 22,337 BTC worth approximately $1.57 billion USD have been recorded. Total institutional holdings now reach 761,068 BTC or approximately $57.61 billion USD.
Ethereum has also recorded significant developments. The amount of ETH held by corporate treasuries has reached 7.27 million ETH or approximately $15.11 billion USD. This value represents more than 6 per cent of total circulating ETH supply, a sharp increase compared to 12 months prior when it was zero.
Almuttaqin believes this trend indicates that institutions are beginning to build long-term positions. BlackRock’s launch of an Ethereum staking-based ETF product is considered an important catalyst, providing institutional investors with access to staking yields.
Interest rates are expected to remain steady, but forward policy projections are becoming the primary focus. The United States’ fourth quarter 2025 economic growth was revised downwards to 0.7 per cent, far below the previous estimate of 1.5 per cent and down from 4.4 per cent in the previous quarter.
“Escalation of the conflict affecting the global oil supply chain could drive inflation significantly higher, whilst weakening US economic conditions make the interest rate policy dilemma increasingly complex,” Almuttaqin stated.