A missile strike has set the world's largest liquefied natural gas hub, Qatar's Ras Laffan, ablaze, causing extensive damage to a facility that handles 20% of global gas supply. Brent crude surged over 4% in a single morning, approaching the $112 mark. The shockwave hit risk assets instantly: the total crypto market cap fell 4.3% to $2.44 trillion, with Bitcoin sliding toward a critical $70,000 support zone.
Brent Crude Surges Past $112 as Gulf Warfare Spreads
The attack came after Israel struck Iranian gas plants, prompting Iran to declare all regional energy assets as legitimate targets. The cascading energy price spike, combined with the Fed's "higher for longer" rate stance, crushed risk appetite. Bitcoin's 95% correlation with gold and 89% with the S&P 500 left it exposed to the same macro pressures dragging down equities and commodities.
Bitcoin's $70K Support Test: Aftermass Liquidation, Bounce?
According to Coinglass, the sell-off triggered $139 million in Bitcoin futures liquidations, a classic shakeout pattern that sometimes precedes a directional change — provided the price holds. Bitcoin must defend the $70,000–$71,000 support range. If it manages to stay above that zone amid geopolitical chaos, the "digital gold" narrative gains heft. Resistance sits at the $2.48 trillion market cap level, and a break above could ignite the rally many anticipate.
The SEC's recent greenlight for tokenized securities signals that institutional appetite is not fading, even as regulations remain a mixed bag. The real test, however, is whether Bitcoin can decouple from traditional markets once oil prices and inflation stay elevated.
Watch the $2.38 trillion support line this week. The energy shock may instill fear in the short term, but it also underscores why decentralized assets exist — a fact the market may soon repriced.