The move came after renewed U.S.-Iran fighting lifted oil and bond yields, drove liquidations across crypto, and reinforced a broader risk-off backdrop tied to Strait of Hormuz disruption fears.
Bitcoin traded near $62,940, down about 1.4% over 24 hours, as renewed fighting between the United States and Iran pushed oil prices higher, lifted bond yields and revived concern that disruption in the Strait of Hormuz could keep inflation elevated. Ethereum, XRP and Solana also posted modest losses of less than 2%, while CoinGlass data showed $252.9 million in crypto positions were liquidated over the previous day, with leveraged longs accounting for most of the losses. The selloff came as Brent crude rose as much as 4% toward $80 a barrel and markets priced in the risk that higher energy costs could delay any shift by the Federal Reserve toward lower rates. Fed minutes from June showed a few policymakers saw a case for raising the federal funds rate, even though the committee left it unchanged at 3.5%-3.75%, and futures later implied about 39 basis points of tightening by year-end. The move underscored that Bitcoin was trading more like a risk asset than a haven, even as geopolitical tensions escalated.