Bitcoin Surpasses Gold Amid Global Crisis, What's Happening?
Global uncertainty has once again become the main theme in financial markets over the past few weeks. Escalating geopolitical conflicts, surges in energy prices, and shifts in monetary policy expectations have prompted market participants to seek instruments deemed safer or more profitable.
In such situations, movements in major assets like stocks, gold, and cryptocurrencies are in the spotlight as they reflect investor preferences amid global economic pressures.
The rising escalation of conflict in the Middle East has triggered uncertainty in global financial markets. Amid these conditions, Bitcoin has shown resilience with a rise of around 12% in the last 60 days and is trading in the range of US$70,000–US$71,000 as of Tuesday, 24 March 2026.
In contrast, the S&P 500 index has fallen around 4%, while gold prices have corrected by up to 16% and recorded the largest decline since 1983, reaching levels around US$4,400 per troy ounce.
This situation has driven increased investor attention to Bitcoin as an alternative hedge amid market volatility. Observing this market dynamic, Vice President of INDODAX, Antony Kusuma, explained that Bitcoin’s strong performance during crises is not a new phenomenon but a pattern that has occurred before, such as during the COVID-19 pandemic crisis, the 2020 US-Iran tensions, and the Russia-Ukraine conflict.
“The decentralised characteristics of Bitcoin, its 24-hour tradability, and independence from conventional banking systems make it relevant amid disruptions to financial system stability due to geopolitical conflicts,” said Antony, as quoted from a press release on Friday, 27 March 2026.
“This makes Bitcoin have a practical function as well as potential as an alternative hedge,” he added.
From the commodities side, Greg Shearer, Head of Metals Strategy at JPMorgan, stated that the decline in gold prices was triggered by sell-off actions amid the surge in oil prices due to the Middle East conflict, which has heightened inflation concerns.
This pressure is also driven by the strengthening of the US dollar and increasing gains from bonds, making gold less attractive compared to yield-bearing assets and potentially changing the pattern of gold purchases by central banks.
On the other hand, tensions in the Middle East impacting global energy distribution routes in the Strait of Hormuz are increasing inflation risks due to surging oil prices. This condition is prompting expectations that the Fed will maintain high interest rates for longer.