Brent crude has climbed more than 100% since the start of the year and is trading near a four-year high, while crypto prices are moving the other way. Bitcoin fell 2.1% over the past 24 hours to $75,633, with Ether, XRP, and Solana also posting losses. Among the ten largest cryptocurrencies, only Dogecoin recorded a gain.
Axios reported that US President Donald Trump was briefed on possible new military action against Iran, and US Central Command requested hypersonic missiles for the region. Those developments have added to volatility in commodities, especially oil, and pushed investors away from risk assets. Since late February, the ongoing conflict has effectively shut the Strait of Hormuz, limiting global flows of oil, gas, and other energy products.
Oil rally adds pressure to major cryptocurrencies
The war premium has shown up most clearly in Brent this year. After rising for nine straight days, the benchmark reached its highest level in four years. Crypto markets have weakened during the same stretch. Bitcoin is now down nearly 3% for the week, and data cited in the report shows the asset struggling to establish direction inside the $74,000 to $78,000 range as sharp sell-offs increase volatility.
Ether dropped 3.4% to $2,244 and is down 4.4% on the week. XRP slipped 2.1% to $1.37, bringing its seven-day loss to 3.7%. Solana fell 2.6% to $82.62. Dogecoin moved against the broader market, rising 3.8% on the day to $0.10, with a weekly gain of 10.1%.
Traders link a BTC breakout to easing war premium
Fernando Lillo, an executive at Zoomex exchange, said Bitcoin would need the war premium to cool and Brent crude to move below $100 a barrel for a decisive break above $80,000. He also said continued US-led naval blockades on Iran are complicating the outlook. For now, oil and geopolitics remain central inputs in short-term crypto pricing.
Broader markets also turn defensive
The retreat is not limited to digital assets. Nasdaq 100 futures gave up ground after a 1.1% rally tied to strong earnings from Alphabet and Amazon reversed. The MSCI Asia Pacific index fell 1.4%, and European markets opened about 1% lower. At the same time, the US dollar strengthened and bond selling accelerated, sending the US 10-year Treasury yield to its highest level since July and Japan’s 10-year yield to levels not seen since 1997.
Bitcoin had held inside a relatively tight band even as Brent advanced from $98 to $126 during the early phase of the conflict. That stability is now starting to crack, with repeated declines pointing to firmer downside momentum across the crypto market. Bitcoin is currently nearly $50,000 below its record high of $126,000, set in October 2025. The report added that if restrictions in the Middle East ease and oil prices retreat, talk of a move back above $80,000 and possibly toward $85,000 could return quickly.