Bitcoin saw a surge on Wednesday, buoyed by a rise in risk assets following renewed expectations of Middle East de-escalation.
As of 12:07 UAE time, Bitcoin rose 1.78 percent to $68,575.86.
Continued conflict persisted in the Middle East on Wednesday. Information suggests a possible conclusion to military involvement while maintaining the blockage of the Strait of Hormuz. This consideration arises as the conflict duration extends beyond the initial four-to-six-week expectation.
While these developments might indicate a reduction in intensity, the ongoing blockage of the strait is projected to maintain energy supply disruptions. Such disruptions may contribute to energy-driven inflation and lead to restrictive global monetary policy, which impacts speculative assets like crypto. Reports indicate a readiness to conclude the conflict if security guarantees are provided.
Read more: Bitcoin drops 1.66 percent to $66,739.26 amid volatile Q1 close, institutional outflows
Google researchers stated that advancements in quantum computing could breach the encryption standards protecting cryptocurrencies and other digital infrastructure more quickly than previously anticipated, with future quantum machines potentially requiring fewer computational resources than earlier research had suggested to compromise widely used cryptographic systems.
The team disclosed on Tuesday that future quantum computers may be able to disrupt elliptic curve cryptography—a cornerstone of modern digital security—using fewer qubits and computational steps than earlier estimates suggested. Elliptic curve cryptography is central to major blockchain networks, digital wallets, and much of the internet’s security architecture. A quantum machine powerful enough to exploit these weaknesses—an event the industry calls “Q-Day”—could leave encrypted data, financial systems, and digital identities exposed.
Bitcoin was positioned for a modest gain in March. While the world’s largest cryptocurrency did rise as high as $75,000 in the month, it swiftly reverted into a trading range seen through most of the year. Bitcoin did perform better than gold in March, as the yellow metal recorded its worst monthly performance in nearly two decades. But gold was still higher for the year, while Bitcoin was down about 22 percent YTD.
Altcoins were a mixed bag in March. World no.2 cryptocurrency Ether was on track to add nearly 7 percent in March and was set to snap a six-month losing streak. Ether is currently trading 3.92 percent higher at $2,133.20.
XRP, which is currently trading 2.95 percent higher at $1.35, experienced a monthly decline of 2.8 percent. Meanwhile, Solana is trading 1.11 percent higher at $83.89 but is projected to decrease by approximately 2 percent. Cardano, trading 2.55 percent higher at $0.2494, remains the weakest performer among leading cryptocurrencies and is currently trending toward a loss exceeding 14 percent. Within the memecoin sector, “$TRUMP” is trading 0.96 percent lower at $3.01, marking a monthly drop of more than 13 percent, whereas Dogecoin has increased by roughly 2.29 percent to $0.09325.
