Crypto stocks jumped in morning trading. BitMine rose 11%; TeraWulf rose 9%; SharpLink Gaming rose 8%; Circle rose 7%; Cipher Mining, Hut 8, and IREN rose 6%; Strategy rose 5%; CleanSpark rose 4%; Bullish, Riot Platforms, MARA Holdings, Bitfarms, and Coinbase rose 3%; Robinhood rose 1%.

Bitcoin trading picked up again on Monday as traders continued to grapple with uncertainty over conditions in the Middle East.

The original cryptocurrency was up as much as 3.7% to $74,416. It was trading around $73,800 at 7:30 a.m. in London.

Other digital assets saw even greater gains. Ether, the second-largest cryptocurrency, rose as much as 7.4% to $2,287, roughly twice Bitcoin’s advance. Solana and XRP rose as much as 6.2% and 4.9%, respectively.

Bitcoin has weathered the war with Iran, which broke out at the end of February, better than many traditional assets. Gold is down about 5% this month, while Bitcoin is up by more than 12%.

While historically serving as a speculative bet, Bitcoin for the past two weeks has been behaving more like a macro hedge during a period of geopolitical stress. As Bitcoin spiked on Monday, crude oil was paring gains from earlier in the day after US President Donald Trump called on nations to help reopen the Strait of Hormuz, a critical trade waterway.