- Oil prices surged nearly 30%, marking their largest one-day gain since late 1988.
- Major Asian stock indexes, including South Korea‘s KOSPI and Japan‘s Nikkei 225, plunged over 6% and 8%, triggering a trading pause.
- The cryptocurrency market edged higher, with Bitcoin recovering above $67,000, showing a divergence from falling equity markets.
On Sunday night, as tensions between the U.S. and Iran escalated, oil prices and global markets experienced severe volatility. Consequently, Brent futures jumped around 27% to over $119, while U.S. West Texas Intermediate crude futures rocketed 30% to over $118. Meanwhile, Asian stock markets plummeted dramatically, with Japan’s Nikkei 225 falling nearly 6.5% and South Korea’s KOSPI dropping more than 8%.
However, the cryptocurrency market showed relative resilience amid the turmoil. Bitcoin’s price recovered to over $67,000 and edged 0.4% higher in the last 24 hours. Retail sentiment around the apex cryptocurrency on Stocktwits shifted from ‘neutral’ to ‘bullish’ over the past day. Ethereum led gains among crypto majors, rising 1.7% while remaining below the $2,000 mark.
Major equity ETFs, including the SPDR S&P 500 ETF (SPY), SPDR Dow Jones Industrial Average ETF (DIA), and the Invesco QQQ Trust (QQQ), were each down more than 2% in overnight trade. Analysts at Santiment said this decoupling in a note could be a sign of “potential strength, suggesting crypto is not currently trading purely as a high-beta tech stock proxy.” CoinGlass data showed around $362 million in liquidations in the last 24 hours, with long positions accounting for around $214 million of the forced unwinds.
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