Bitcoin’s recent explosive rally hit a wall Thursday, March 5, snapping a three-day streak that saw the cryptocurrency jump nearly 10% and briefly reclaim the $74,000 threshold. The reversal saw bitcoin tumble to an intraday low of $70,902 before finding support and consolidating around the $71,000 mark—a 3% slide within 24 hours.

Despite the cooling off, bitcoin remains up over 6% on the week, standing as one of the few assets to maintain net gains since the escalation of the Middle East conflict.

While bitcoin saw red, Asian and European markets staged a dramatic recovery, with South Korea’s Kospi leading the charge with a massive 9.6% surge. This rebound followed its worst single-day loss in history just 24 hours prior and was fueled by the mobilization of a $68 billion government market stabilization fund.

In Japan, the Nikkei 225 closed 1.9% higher, while European indices mirrored the cautious optimism. However, Wall Street struggled to catch the global tailwinds. By 12:45 p.m. Eastern, the Nasdaq had shed 248 points, or 1.09%, the S&P 500 was down 1.25%, and the Dow Jones Industrial Average trailed with a nearly 2% loss.

The widening gap between U.S. and Asian equities comes as the Middle East war shows no signs of abating. Joint U.S.-Israeli strikes continue to target Tehran, while Iran retaliates by striking critical infrastructure across the Gulf states. The pessimism is palpable on Polymarket, where bettors have slashed the odds of a ceasefire by 15 March to a miserly 11%. A prolonged conflict is widely expected to further destabilize the Gulf economies and keep global inflation on a high simmer.

Meanwhile, bitcoin’s March 5 retreat wiped roughly $40 billion off its market capitalization, which now sits at $1.42 trillion. This price action also triggered a significant shift in derivative markets. Of the approximately $120 million in liquidations on the cryptocurrency, long positions accounted for $73 million as the “up-only” momentum stalled.

While the recent rally reignited talk of bitcoin as a digital safe haven, skeptics remain. Arthur Hayes, co-founder of BitMEX, is quoted in one report arguing that bitcoin has yet to truly decouple from U.S. software-as-a-service technology stocks.

“The current move may still be a bounce rather than the start of a sustained uptrend,” Hayes suggested, advising traders to maintain patience as the market has not yet exited the high-risk phase of the current liquidity cycle.

• What caused bitcoin’s recent drop on March 5? Bitcoin dropped after a three-day rally, falling to an intraday low of $70,902 before stabilizing around $71,000.
• How did bitcoin perform over the past week? Despite the recent decline, Bitcoin remains up over 6% this week amidst ongoing geopolitical tensions.
• How did global markets react compared to bitcoin? While Bitcoin struggled, Asian markets surged, with South Korea’s Kospi rising by 9.6%, contrasting with declines in U.S. markets.
• What impact did the March 5 retreat have on bitcoin’s market cap? The decline on March 5 wiped out approximately $40 billion, bringing Bitcoin’s market capitalization to $1.42 trillion.

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