{"id":38247,"date":"2026-03-16T11:28:12","date_gmt":"2026-03-16T11:28:12","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=38247"},"modified":"2026-03-16T11:28:12","modified_gmt":"2026-03-16T11:28:12","slug":"bitcoin-is-up-11-since-the-iran-war-started-while-gold-and-the-sp500-are-down-jpmorgans-data-shows-why","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=38247","title":{"rendered":"Bitcoin is Up 11% Since the Iran War Started While Gold and the S&P500 Are Down: JPMorgan\u2019s Data Shows Why"},"content":{"rendered":"
It\u2019s now over two weeks since the U.S. and Israeli forces struck Iran on February 28. Military operations began on a Saturday night, a time when all global markets were closed except for crypto. Bitcoin\u2019s initial reaction to the geopolitical shock was one that seemingly confirmed every skeptic\u2019s argument as it fell over 7%. Critics were quick to point out that Bitcoin continued to show signs of failure when geopolitical events like these occur.\u00a0<\/p>\n
Fast forward to today and Bitcoin\u2019s performance compared to other traditional markets tells a very different story. Bitcoin is up over 11% and over $230 billion has flowed into the crypto market since the start of the conflict. Contrastingly, the S&P 500 is down nearly -3%, the Nasdaq has slipped around -2% and even traditional safe haven commodities like gold is down by around -5%. Meanwhile, JPMorgan\u2019s Managing Director, Nikolas Panigirtzoglou has highlighted a sharp divergence in money flows between Bitcoin and gold exchange traded funds. The SPDR Gold Shares ETF (GLD) has seen outflows of about 2.7% of assets under management, while BlackRock\u2019s iShares Bitcoin Trust has recorded inflows of around 1.5% since the start of the war.\u00a0<\/p>\n<\/figure>\n
The strength and resilience shown by Bitcoin thus far has prompted investors to reconsider crypto\u2019s role in global markets. Rather than behaving like \u201cdigital gold\u201d, Bitcoin is acting as something the traditional financial system does not have, a 24\/7 liquidity pool that prices geopolitical risk in real time, then attracts institutional capital once traditional markets finally catches up.\u00a0<\/p>\n
The Scoreboard: Bitcoin vs Every Major Asset Since Feb 28<\/h2>\n<\/figure>\n
The reality is that Bitcoin has outperformed nearly every major asset class since the start of the war on February 28. It is up over 11% and currently trading around the $73K region, even briefly touching a high of $74.4K, a level not seen since February 4. Over the same period, the S&P 500 has declined by -3% and is down for three consecutive weeks. The U.S. tech stocks haven\u2019t fared any better as well with the Nasdaq down by around -2%.\u00a0<\/p>\n
Even traditional safe haven assets that are often seen as the perfect hedge during wars have failed to deliver positive returns. Gold is down by nearly -5% while Silver has seen a much steeper correction of around -11%.\u00a0<\/p>\n
Some of the largest global markets, specifically in Asia, show a very similar divergence at play. While BTC and crypto are showing growing momentum, South Korea\u2019s KOSPI is down over 9% while Japan\u2019s Nikkei has declined close to 7.5%. Oil is the only major asset to outperform Bitcoin during this period and unsurprisingly so as the war has triggered an unprecedented energy supply shock. WTI crude has risen by over 34% since the start of the conflict, from around $70 to peaking at $119.5. WTI crude is now trading back close to $100 following reports from the Guardian<\/a> of strikes near Iran\u2019s Kharg Island export hub.\u00a0<\/p>\n
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