Bitcoin (BTC) began trading sideways before the Iran war broke out, while gold rallied to record levels. Despite initially falling to $63,176 on the news of the attacks, Bitcoin has since risen about 12% to $71,012. This comes as rising oil prices and inflation fears have negatively impacted gold. However, Jonatan Randin, a senior market analyst at PrimeXBT, said Bitcoin continues to trade like a risk asset rather than a safe haven and sells off alongside equities during geopolitical shocks. He said that global liquidity remains the dominant driver of Bitcoin’s price, with macro conditions outweighing headline-driven volatility. The analysis also found that Bitcoin moved in the same direction as global M2 in 83% of 12-month periods, higher than gold.