Bitcoin held steady in a tight range around $69,000 to $70,000 on Thursday as risk-off sentiment resurfaced amid escalating tensions in Iran and the broader Middle East, lifting oil prices and fanning inflation concerns. According to Invezz, the pullback in risk assets came even as crypto markets managed to stay relatively resilient; bitcoin traded near $70,500 intraday, about 1% lower on the session, while ether, XRP, BNB and Solana posted modest declines of less than 1%.
Separately, corporate headlines drew attention: Goldman Sachs is preparing to begin rolling layoffs next month, moving away from its traditional annual workforce reduction plan. Invezz reported the bank plans rolling cuts across divisions, with total reductions expected to be smaller than last year’s program targeting as much as 5% of staff. OpenAI announced it will acquire Astral to enhance its AI-powered coding tools; integration of Astral’s Python-based developer tools into Codex is expected to strengthen software development capabilities. Invezz reported.
Key takeaways
- Bitcoin near $69,000-$70,000, dipping about 1% as Middle East tensions boosted crude and inflation concerns; intraday prints around $70,500 suggested limited downside for the moment.
- Gold fell 5% to about $4,500 an ounce, with silver down 6.6%, marking a sharp pullback after recent gains and signaling renewed risk-off sentiment in traditional assets.
- U.S. equity benchmarks declined, with the S&P 500 and Nasdaq down roughly 1% to fresh 2026 lows, underscoring macro headwinds surrounding rates and inflation expectations.
- Crypto-related stocks showed mixed moves, with Coinbase up about 1% after earlier weakness, while Circle slid around 3% and Strategy fell about 0.8%.
- AI and technology headlines remained a backdrop for sentiment, as OpenAI’s Astral deal and related AI tools debates keep investors focused on enterprise deployment and monetization paths.
What drove the move
Macro headlines dominated day-to-day risk appetite, with Iran-related tensions and broader Middle East instability contributing to higher energy costs and persistent inflation concerns. The resulting macro backdrop pressured equities, with the S&P 500 and Nasdaq falling near 1% and oil prices climbing on perceived supply risks. The shift in risk sentiment spilled into crypto markets, though bitcoin and the broader crypto complex held up relatively well compared with equities, trading within a narrow band.
Beyond macro dynamics, the day’s corporate developments added nuance. Goldman Sachs signaled a shift toward rolling headcount adjustments starting in April, opting for smaller, ongoing reductions across divisions rather than a single strategic review. A Goldman spokesperson framed the changes as routine workforce management, underscoring ongoing performance and talent assessments across units. OpenAI’s announced acquisition of Astral aims to bolster its coding offerings by integrating Astral’s Python-based developer tools into Codex, a move that could sharpen utilities for software developers and enterprise users. The deal underscores a continued push among AI platforms to expand developer reach and product capabilities in a competitive landscape dominated by Anthropic and other peers.
Market reaction
Asset moves reflected a split between macro risk-off signals and sector-specific AI and mobility headlines. Bitcoin traded at or near the $70,000 zone, with intraday prints showing a modest decline of around 1% on the session as risk assets wavered. Other major tokens—including ether, XRP, BNB and Solana—also posted sub-1% declines, signaling cautious positioning rather than a broad liquidation in the crypto space.
Gold prices plunged, shedding around 5% to about $4,500 per ounce, while silver declined roughly 6.6%. The move marks a notable reversal from recent gains and suggests that the day’s risk-off tone favored liquid assets over precious metals in the immediate session. U.S. equity indices sold off, with the S&P 500 and Nasdaq dropping near 1% to fresh 2026 lows, highlighting ongoing sensitivity to rate expectations and inflation trajectories as the macro backdrop remained unsettled.
In crypto-adjacent equities, Coinbase reversed earlier softness to trade about 1% higher, while Circle slipped about 3% and Strategy fell roughly 0.8%. The dispersion illustrates how company-specific factors and liquidity dynamics can diverge from underlying crypto price moves in the near term.
What analysts are saying
Analysts highlighted that the day’s dynamics reflected a convergence of macro risk and sector-specific AI and mobility developments. The Middle East tensions keep oil elevated and inflation expectations elevated, which in turn influences rate outlooks and equity risk appetite. Against that backdrop, OpenAI’s Astral acquisition adds to the narrative around AI toolchains and enterprise adoption, while the Uber-Rivian robotaxi partnership points to ongoing momentum in autonomous mobility despite earlier delays. While crypto markets did not escape the broader risk-off move, bitcoin’s relative resilience indicates demand from risk-conscious buyers remains, albeit in a cautious stance.
Bigger picture
Looking ahead, market participants will parse fresh signals on monetary policy and inflation with upcoming data releases and central-bank communications likely to shape risk appetite. The AI toolkit race—spurred by OpenAI’s Astral integration and competitive moves from peers—will continue to influence software spending and productivity dynamics in technology ecosystems. Goldman Sachs’ evolving workforce strategy also reflects a broader trend among large banks toward flexible, rolling headcount management as they recalibrate to a shifting revenue mix and talent competition.
What to watch next: earnings updates and guidance from technology and AI-focused companies, ongoing developments in AI tooling adoption, and any new commentary from central banks on rates and inflation. Market participants will closely monitor oil trajectories and energy infrastructure developments for their potential impact on near-term cross-asset performance.
