March 2, 2026 Cryptocurrency Market Depth Analysis

I. Market Brief
1. Bitcoin experienced intense volatility in this morning's trading session. Influenced by the全面升级 of US-Israel military actions against Iran, the price briefly dropped to the support level of $63,000. Subsequently, significant safe-haven buying emerged, and it has now rebounded to around $65,300, down approximately 2.1% over the past 24 hours.
2. Ethereum's performance remains relatively weak, currently trading at $1,912, down 2.3% in 24 hours. The total market capitalization of cryptocurrencies across the network has shrunk by about $128 billion since the outbreak of the conflict.
3. Spot gold prices surged past the $5,350 mark driven by risk aversion sentiment, with a single-day increase of over 2%. Crude oil futures prices soared 13% due to tensions in the Strait of Hormuz. The global commodities market is trending strongly, and digital assets are showing clear characteristics of digital gold speculation.

II. Today's Headlines
1. The joint preemptive military operation launched by the Israel Defense Forces and the US Air Force against Iran on February 28 entered its third day. The US claims to have killed Iran's top leader, Khamenei, along with 48 senior officials. Multiple core cities including Tehran and Qom have been subjected to thousands of airstrikes. Iran has entered a national mourning period and is now under the control of a temporary leadership team.
2. The Iranian Islamic Revolutionary Guard Corps (IRGC) launched a counterattack called Operation Honest Promise 4, firing multiple rounds of missiles and drones at Israel's mainland, US Middle East bases, and Gulf cities such as Dubai and Doha. Several Middle Eastern countries have announced emergency closures of their airspace. Dubai's financial markets have announced a suspension of trading from March 2 to 3.
3. The People's Bank of China announced that starting March 2, the foreign exchange risk reserve ratio for forward foreign exchange sales will be lowered to 0, aiming to stabilize the recently volatile RMB exchange rate and guide market expectations back to rationality.

III. Wealth Code
1. In a market environment dominated by risk aversion, Bitcoin's anti-inflation and safe-haven attributes are once again highlighted by institutional investors. Focus on the capital flow of Bitcoin ETFs after the US stock market opens today. If net inflows are maintained, $63,000 will become a short-term strong support level.
2. As the Middle East situation causes a surge in physical gold prices, on-chain gold tokens and related RWA (Real World Asset) sectors have seen significant activity. Platforms like Hyperliquid have recorded historic high trading volumes for gold and silver tokens.

IV. Operational Tips and Risk Warnings
1. Market volatility (VIX) is currently at an extremely high level. It is recommended to reduce leverage or stay on the sidelines to avoid forced liquidations during sharp price swings.
2. Keep a close watch on the progress of the Strait of Hormuz blockade. If the conflict evolves into a prolonged energy war, global liquidity may tighten further, and cryptocurrencies could face increased selling pressure.