Besides Oil, which assets are "winning" in this Middle East conflict?
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Markets trying to catch breath with Middle East conflict still front and center.
Brent oil holds above $100, S&P 500 - lowest since Nov 2025
Gold now below $5100 - capped performance was expected since March 1st report
US dollar reigns supreme over G10 and Asia currenceis, USDJPY+ now at highest since July 2024
Bitcoin tests 50-day SMA resistance - first time since end-Jan; TRUMP among top-3 best performing spot tokens today
Markets are trying to catch their breath heading into the weekend after a volatile week dominated by the Middle East conflict.
SP500: still sliding lower today, after benchmark S&P 500 index saw lowest close yesterday (Thur, Mar 12) since Nov 2025.
NAS100: down another 0.3% — heading towards its 200-day simple moving average (SMA) likely for a re-test for critical support once more
Brent Oil (UKOUSD): $101.76, +1.1%
Gold (XAUUSD+): $5,086, +0.1% — still sticking with its sideways range from the past 3 weeks
[Trade XAUUSD+(Gold) Button]<https://i.bybit.com/2Dabo1zJ>
Why is safe haven gold so lacklustre amid Middle East conflict?
Since February 27th, spot gold is actually lower by 3.7%.
In our report published Sunday, March 1st - the day before TradFi markets were due to re-open after the first US-Israel attacks against Iran - here's what we had cautioned:
"Gold's upside may be capped if markets latch onto the narrative of unruly inflation stemming from oil price spikes preventing the Fed from lowering US interest rates over the course of 2026."
Hence, no surprise that, with Oil soaring to almost $120 at the onset of this week, markets have significantly unwound bets for Fed rate cuts in 2026, which in turn dampens gold's allure.
US Dollar reigns supreme in FX world
The benchmark US dollar index (DXY) has climbed 2.5% since February 27th's close.
The "greenback" has also advanced against all of its G10 and Asian peers over the past 2 weeks.
Among major FX pairs:
EURUSD+: 1.14773, down 0.3% - lowest since November 2025
USDJPY+: 159.40 - spiked to its highest levels since July 2024!
[March 13 2026 - Market Pulse - USDJPY+]<https://i.bybit.com/1Eabr5Fn>
BTC and TRUMP haven't done this since Jan 2026
Bitcoin (BTCUSDT): $71,500, +1.9% — highest in one week - up 9.1% since Feb 27th - BlackRock's iShares Bitcoin Trust (IBIT) recently bought over $46 million worth of BTC
Ethereum (ETH/USDT): $2,100, +1.7% — highest in one week - up 9.2% since Feb 27th - BlackRock's new staked ether exchange-traded fund (ETF) pulled in more than $15 million in trading volume on its first day
READ MORE (published March 12th): Crypto Steadfast Amid Middle East Conflict, Oil Turmoil
Techincal traders, also bulls (those hoping prices will go higher) would also note that ...
Bitcoin is now testing its 50-day simple moving average (SMA) for immediate resistance for the first time since late-January 2026.
And in a rather timely manner, TRUMPUSDT is one of the best-performing spot tokens within the Bybit universe over the past 24 hours:
TRUMP is rising following the announcement that the top 297 holders of this token will be invited for lunch at Mar-a-Lago, featuring the US President as the keynote speaker, on April 5th, 2026 - similar to last year's event.
Tradable as TRUMPUSDT and TRUMPUSDC, this token for TRUMP: THE CRYPTO PRESIDENT represents a community that claims to celebrate courage and strength.
The movement was sparked by President Trump’s defiance on July 13, 2024, when his iconic "FIGHT FIGHT FIGHT" battle cry has since turned into a memorable meme of the century.
Amidst the ongoing Middle East conflict, President Trump's political will is set to be tested in what could be a drawn-out gruelling battle against the Iranian regime.
Perhaps more pertinently, monitoring by Lookonchain points to some 4.5 million TRUMP tokens, worth about US$ 15.7 million, being withdrawn from Binance by 4 addresses - including 3 newly created wallets.
Such bullish activity, along with those wishing to get physically closer to POTUS leading up to the April 25th luncheon, likely pushed up the spot token's prices, which are now testing its 50-day simple moving average (SMA) for immediate resistance.
[March 13 2026 - Market Pulse - TRUMPUSDT]<https://www.bybit.com/trade/usdt/TRUMPUSDT>