CoinDesk Podcast Network Bitcoin’s Resilience Stands Out as Stocks Face Geopolitical Pressure | Markets Outlook
Mar 10, 2026
Michael Reinking, Senior Market Strategist and head of the MAC desk at the NYSE, offers market-floor perspective on current turmoil. He explains how Middle East tensions sent oil soaring and why Asia is bearing the brunt. He describes volatility-driven de-risking across assets and the surprising resilience and correlations in crypto and mega-cap tech.
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Oil Prices Have Become The Market's North Star
- Oil price moves are now the dominant driver of markets amid escalating Middle East tensions.
- Brent spiked toward $120 after Iran escalation and strait closures, then eased on G7 strategic reserve talk.
Asia Bears The Brunt Of Middle East Supply Shocks
- Rising energy costs hit Asia harder than the U.S. because ~80% of Middle Eastern oil through the strait flows to Asian markets.
- The U.S. is more energy independent, so global asset-performance patterns now shift versus earlier this year.
Volatility Triggers Broad De risking Across Portfolios
- Volatility drives cross-asset de-risking: both longs and shorts get reduced, amplifying moves across portfolios.
- That de-risking helped software and mega-cap tech bounce even as small and mid caps fell sharply.