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PANews, March 9 – According to CoinDesk, despite the US-Israel-Iran conflict pushing oil prices above $100 per barrel, bitcoin has remained largely steady around $67,000 over the past week. Analysts point out that this may be related to bitcoin’s close correlation with the US stock market. As the US is a net oil exporter and has low dependence on Middle Eastern oil, US stocks have shown relative resilience, which has also benefited bitcoin. Data shows that the US mainly imports oil from Canada and Mexico, with only 4% coming from Saudi Arabia, making it largely immune to supply disruptions in the Strait of Hormuz. Since the outbreak of the conflict on February 28, the S&P 500 and Nasdaq futures have fallen just over 3%, while the Nikkei Index has dropped 10%, India’s Nifty has fallen 5%, and South Korea’s Kospi has declined by more than 16%. Analysts note that with the launch of spot ETFs and expectations of regulatory easing brought by a potential Trump victory, bitcoin has gradually evolved into a quasi-US risk asset, becoming increasingly correlated with US financial conditions. In addition, bitcoin had already pulled back from its highs to around $60,000 before the conflict, releasing short-term selling pressure and providing a relatively stable foundation for the current price.

Supported by the Shanghai Municipal Government, the Solana Shanghai Builder Station, jointly created by Solana and Alibaba·Shanghai Hongqiao Alibaba Center, will officially open on March 20. Liu Fei, Vice President of Alibaba Group, and leaders from the Shanghai Municipal Government will deliver speeches.

According to DefiLlama data, in the past 7 days, Arbitrum cross-chain bridge had a net inflow of $615.75 million, ranking first; Plasma and Avalanche had net inflows of $442.33 million and $290.88 million, respectively. During the same period, Ethereum, Mantle, and Hyperliquid saw net outflows of $4.364 billion, $183.56 million, and $152.24 million, respectively.