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Bitcoin and the wider cryptocurrency market faced downward pressure on Tuesday after the United States and Iran traded airstrikes, which also strengthened the US dollar.
BTC, the largest digital asset by market value, declined to $62,657 during Asian session, roughly 1% lower since midnight UTC per CoinDesk figures. Ether (ETH), XRP (XRP), and Solana (SOL) posted losses ranging from 1% to 2.3%. Meanwhile, West Texas Intermediate crude futures rose over 2% to $72.27, and the Dollar Index stayed firm above 101.00, retaining earlier advances.
Washington stated it conducted “powerful strikes” on Iran after assaults on three vessels in the Strait of Hormuz, among them Qatari and Saudi tankers. Tehran countered that it hit “85 US military installations” in response to strikes on its Hormozgan and Mahshahr provinces.
The magnitude of the confrontation has seemingly brought the bilateral ceasefire to the verge of breakdown.
The conflict began in late February, sending crude prices well beyond $100 a barrel and triggering a broad global inflationary shock. Although prices later retreated under $60, consumer inflation expectations have kept climbing, stoking concerns about worldwide rate increases, including in the United States.
Elevated interest rates discourage investors from leaving yields on perceived safe-haven bonds to pursue riskier holdings like cryptocurrencies.
