Bitcoin gave up gains from Sunday highs as fresh military tit-for-tat between Iran and Israel sent Asian equities into a tailspin. The leading cryptocurrency traded near $62,900 at 4:00 UTC, according to CoinDesk, after touching $63,776 late Sunday.
Crude Jumps 3% After Iran-Israel Airstrikes
The fragile ceasefire that had calmed energy markets collapsed as both sides conducted airstrikes. WTI crude futures surged over 3% to $93.50. U.S. President Donald Trump told Axios he would ask Israeli Prime Minister Benjamin Netanyahu not to retaliate, yet the damage to risk sentiment was done. South Korea's KOSPI index fell over 6.8%, triggering a temporary trading halt. Japan's Nikkei dropped more than 3%.
Treasury Yields Pressure Crypto Assets
The jump in oil prices adds upward momentum to U.S. Treasury yields, which had already spiked Friday after a blowout monthly jobs report. Rising yields typically boost demand for the dollar and dollar equivalents, weighing on riskier bets like cryptocurrencies. Bitcoin had already been battered last week — falling nearly 14% and briefly breaching $60,000 — due to Strategy's BTC sale, the AI stock frenzy, and outflows from spot bitcoin ETFs.
This Week: CPI, SpaceX and Anthropic IPOs Add to Geopolitical Volatility
Volatility is expected to stay elevated as the market digests U.S. inflation data and blockbuster IPOs from SpaceX and Anthropic, alongside the tense geopolitical backdrop, all capable of shifting liquidity dynamics in the crypto space.