On the afternoon of March 4, global risk assets experienced a sudden collective surge.

Cryptocurrencies rose across the board, with Bitcoin climbing 8% to surpass $71,000, and Ethereum gaining nearly 7%. According to CoinGlass data, over the past 24 hours, more than 120,000 traders globally were liquidated.

The US dollar index declined, while international gold and silver prices advanced during the session. At the time of writing, spot gold had risen more than 2%, breaking above $5,190 per ounce, and spot silver extended gains to over 5%.

Crude oil futures prices also increased sharply.

European stock markets moved higher collectively, with Italy's FTSE MIB Index up more than 1% at the time of writing. US stock futures recovered during the session, with Nasdaq 100 Index futures briefly turning positive.

The A50 Index futures surged sharply, at one point gaining nearly 1%, and were up more than 0.6% at the time of writing.

Latest reports emerged from the Middle East. According to Iranian sources, on the morning of March 4 local time, the US and Israel launched an airstrike on a residential area in northeastern Tehran. Casualty figures remain unconfirmed, but initial reports indicate significant injuries and fatalities.

In a recent update, Iranian authorities stated on March 4 that several candidates for the position of Supreme Leader have been identified, with a final selection imminent.

Ahmad Khatami, a member of Iran's Assembly of Experts—the body responsible for electing, supervising, and dismissing the Supreme Leader—told state television on March 4 that Iran is close to choosing a new Supreme Leader to succeed the late Ayatollah Khamenei. Khatami noted, "The selection process is nearing its conclusion, though the country remains in a state of war."

Separately, sources indicated that Mojtaba Khamenei, son of the late Supreme Leader, is safe and widely regarded as a potential successor.

Earlier, informed sources suggested that the election for the new Supreme Leader may be held in person following the funeral of Ayatollah Khamenei. Iranian officials announced that a farewell ceremony for the late leader will begin on the evening of March 4 and last for three days.