Gold Prices Plunge, Bitcoin Strengthens Instead
REPUBLIKA.CO.ID, JAKARTA — Bitcoin has recorded a significant strengthening amid rising global geopolitical tensions. The largest cryptocurrency asset rose around 12 per cent in the last 60 days, while shares and gold weakened.
Market data shows Bitcoin trading in the range of 70,000 US dollars to 71,000 US dollars as of 24 March 2026. In the same period, the S&P 500 index fell around 4 per cent, while gold prices corrected by up to 16 per cent, marking the deepest decline since 1983.
This situation is driving a shift in investor interest towards Bitcoin as an alternative hedge. Amid global market volatility, digital assets are beginning to be viewed as instruments capable of withstanding external pressures.
Indodax Vice President Antony Kusuma stated that Bitcoin’s strong performance amid crises is not a new phenomenon. He noted similar patterns occurred during the COVID-19 pandemic, US-Iran tensions in 2020, 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 stability due to geopolitical conflicts. This makes Bitcoin practically functional as well as having potential as an alternative hedge,” said Antony on Wednesday (25/3/2026).
On the other hand, pressure on gold is driven by a combination of macroeconomic and geopolitical factors. JPMorgan Head of Metals Strategy Greg Shearer explained that selling activity occurred alongside a surge in oil prices that triggered concerns over global inflation.
The strengthening of the US dollar and rising bond yields have also pressured gold’s attractiveness. In conditions of high interest rates, non-yielding assets like gold become less competitive compared to yield-based instruments.
Tensions in the Middle East, particularly along global energy distribution routes such as the Strait of Hormuz, have further amplified inflation risks. The surge in oil prices is prompting expectations that the US Federal Reserve will maintain high interest rates for longer.
Although showing resilience, the crypto market remains in a volatile phase. Investor sentiment is still influenced by macroeconomic factors such as inflation and the direction of global interest rate policies.
Investors are urged to remain cautious in making decisions. Understanding risks and market dynamics is considered key to navigating fluctuations in crypto assets.
Indodax states that it continues to strengthen its commitment to providing safe and transparent crypto asset trading services. The platform also regularly publishes Proof of Reserves data and promotes education so that the public can invest wisely.