Bitcoin Holds $74K as Urea Surges 34% Amid Iran Conflict
Bitcoin trades at $74,046 as of March 18, 2026, while urea prices jump 34% in Ukraine following February 28 airstrikes disrupting Strait of Hormuz supply chains.
- 01Urea prices in Ukraine rose 34% by March 11, 2026 [Interfax](https://interfax.com)
- 02BTC rebounded 17% from $63,000 lows since late February [Market Data](https://coinshares.com)
- 0320% of global oil throughput at risk via Strait of Hormuz [Interfax](https://interfax.com)
What Happened
Bitcoin (BTC) is trading at $74,046 as of March 18, 2026, reflecting a -1.23% change over the last 24 hours. While traditional commodities scramble amid supply shocks, crypto shows relative resilience. Urea barge prices at New Orleans climbed from approximately $475 to $550 per tonne within the first week of hostilities Farm Policy News. This divergence highlights Bitcoin's evolving role during geopolitical stress.
Background
The Iran conflict initiated with US-Israel airstrikes on February 28, 2026. Disruptions focus heavily on the Strait of Hormuz, which handles 20% of global oil throughput Interfax. Consequently, urea prices in Ukraine surged 34% compared to January levels by March 11, 2026 Interfax. The U.S. Department of Justice opened an antitrust probe into fertilizer producers on March 10, 2026, citing market concentration Xinhua.
The Bull Case
CoinShares Analysts argue Bitcoin's non-sovereign issuance makes it a practical hedge against geopolitical strain. They note capital has begun favoring BTC during this crisis despite macro headwinds, pointing to institutional flows through spot ETFs leading the charge. They emphasize independence from traditional settlement infrastructure as a key structural property CoinShares.
The Bear Case
Hayden Hughes of Tokenize Capital noted Bitcoin absorbed disproportionate selling pressure as the only large liquid asset trading 24/7. He warns this liquidity burden could cap upside momentum during prolonged volatility. TCW Analysts add that higher energy prices create a 'higher-for-longer' rate environment, serving as a headwind for non-yielding assets.
What to Watch
Traders should monitor energy prices and the DOJ probe outcomes closely. A prolonged 'higher-for-longer' rate environment remains a key risk for non-yielding assets like Bitcoin. Watch for hash rate adjustments if mining profitability dips due to rising energy costs associated with the conflict.