Mercado Bitcoin said Bitcoin gained 21% after the March 2020 COVID-19 shock and 24% after the 2025 U.S. tariff announcements, outperforming gold and the S&P 500 in each 60-day window it studied. Rony Szuster, the exchange's head of research, said Bitcoin is rising again during current geopolitical tensions, but warned that early post-shock moves do not show the final recovery path.