Bitcoin

Geopolitical risk in the Taiwan Strait is a structural factor for global markets, but it has been a persistent background risk for years. Crypto, being a global and 24/7 market, often reacts to such events only when there is a clear escalation (e.g., military confrontation, sanctions, or capital controls). The current exercises are designed to be more realistic, which may signal Taiwan's preparedness, but they are not a market-moving catalyst in isolation.

Taiwan conducted its annual Han Kuang military exercises, focusing on urban warfare training in civilian neighborhoods to simulate a Chinese invasion.