On March 1, the cryptocurrency market experienced a significant rebound during early Asian trading hours following reports of Iranian Supreme Leader Khamenei's death in a U.S.-Israeli military operation. According to BlockBeats, Bitcoin surged by 2.21% to reach $68,196 before settling around $67,300, after a previous day's decline of 3.8%. Ethereum also saw a rise of 4.58%, surpassing the $2,000 mark.Data indicates that after losing approximately $128 billion in market value the previous day, the crypto market recovered about $32 billion by Sunday morning. Analysts suggest that due to the 24/7 trading nature of cryptocurrencies, Bitcoin acted as a 'liquidity pressure valve' during the weekend's geopolitical conflict escalation, absorbing selling pressure that might have otherwise spread to stock, bond, and commodity markets.Despite the rebound, uncertainty remains as Iran has retaliated against multiple locations, including Israel, Qatar, UAE, and Bahrain, and has threatened further strikes on U.S.-related bases. Some traders believe that true price discovery may occur once U.S. stock markets and Bitcoin ETFs resume trading on Monday.The derivatives market also experienced significant volatility. Analysis shows that Bitcoin derivatives saw a surge in sell-off volume of approximately $1.8 billion in a single hour last Saturday, indicating a rise in short-term risk aversion. Meanwhile, tokenized commodity contracts linked to oil, gold, and silver on decentralized trading platform Hyperliquid also saw price increases.