Bitcoin climbed close to $67,000, marking its highest level in more than a month, and crypto-related stocks listed on U.S. markets also rose across the board.

Bitcoin Magazine reported on July 21 that bitcoin briefly rose as high as $66,886, up about 6 percent over the past seven days.

The rebound came even as tensions in the Middle East flared again. Stock markets also stayed strong, and bitcoin’s gains quickly spread to crypto-related stocks. Nasdaq-listed Strategy (MSTR) rose above $100 a share. Coinbase (COIN) gained 11 percent, and bitcoin miner Marathon Digital (MARA) climbed more than 6 percent.

Markets are also focusing on Strategy’s recent change in cash management. Strategy said on July 20 it did not make an additional bitcoin purchase, which it had typically continued to do. Instead, it sold $225 million worth of MSTR stock and used the funds as dollar reserves.

Strategy has bought bitcoin as an inflation hedge since 2020. It currently holds 843,775 BTC, worth about $56.2 billion at current prices. Its shares, however, are still far below the peak of $473.83 recorded in November 2024. Last year, Strategy shares also plunged as bitcoin prices fell.

Bitcoin has remained weak for an extended period this year. Its decline since the start of the year is about 24 percent. After hitting a record high of $126,080 on Oct. last year, its value was roughly halved. At the time, the market shock grew as more than $19 billion in crypto bets were liquidated in what the industry called the biggest crash in its history.

Then in February, oil prices rose and uncertainty over global inflation grew after U.S. and Israeli attacks on Iran, adding pressure on the crypto market. Market participants see it as difficult for the Federal Reserve to cut its policy rate for the time being. The greater inflation worries become, the lower the chance of rate cuts, and that is cited as a factor limiting the liquidity needed for bitcoin to rise.

Even so, recent moves show that geopolitical conflict did not immediately lead to bitcoin weakness. Clashes between Iran and the United States have continued since the end of a ceasefire. Over July 20 to 21, the United States carried out air strikes for a 10th straight day on Iranian military targets, and Donald Trump pledged retaliation for the deaths of three U.S. service members. The Pentagon said about 100 U.S. service members had been wounded over the past two weeks.

With bitcoin rebounding and related stocks rising alongside it, the market appears to be reacting more sensitively to short-term supply and demand and a recovery in appetite for risk assets than to geopolitical risks. Still, Strategy’s pause in additional bitcoin purchases, its expansion of dollar reserves, and caution over the Fed’s rate path remain variables that could shape the next move.