Bitcoin under pressure as U.S.-Iran escalation lifts oil

Markets Bitcoin under pressure as U.S.-Iran escalation lifts oil Major cryptocurrencies are trading in the red as renewed U.S.-Iran airstrikes push oil higher. By Omkar Godbole Jul 8, 2026, 4:30 a.m. 1 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on BTC trades lower as oil rises. (Yashowardhan Singh/Unsplash) Summary Show Bitcoin and major cryptocurrencies trader lower after U.S.-Iran aerial strikes lifted oil. The latest exchange of strikes, following attacks on ships and alleged targeting of U.S. installations, has pushed an already fragile cease-fire between Washington and Tehran to the brink of collapse. The conflict, which earlier this year sent oil above $100 a barrel and stoked global inflation fears, raised expectations of higher interest rates that tend to weigh on riskier assets like cryptocurrencies. Bitcoin BTC $ 62,830.35 and the broader cryptocurrency market came under pressure Tuesday after the US and Iran exchanged aerial strikes, sending the dollar higher. BTC, the leading cryptocurrency by market capitalization, slipped to $62,657 in Asian trading hours, down nearly 1% since midnight UTC, according to CoinDesk data. Ether (ETH), XRP (XRP), and solana (SOL) fell between 1% and 2.3%. WTI crude futures jumped more than 2% to $72.27, while the Dollar Index held steady above 101.00, maintaining Tuesday’s gains. The U.S. said it launched “powerful strikes” against Iran following attacks on three ships in the Strait of Hormuz, including Qatari and Saudi tankers. In response, Iran said it targeted “85 US military installations” in retaliation for strikes on its Hormozgan and Mahshahr provinces. The scale of the escalation appears to have pushed the two nations’ ceasefire to the brink of collapse. The Iran war erupted in late February, pushing oil prices well above $100 per barrel and generating a massive inflationary shock worldwide. While prices have since crashed back below $60, inflation expectations among consumers have continued to rise, fueling fears of interest rate hikes across the world, including in the US. Higher rates make it more difficult for traders to abandon yields from supposedly safe bonds in favor of higher-risk assets such as cryptocurrencies. Bitcoin News XRP News Ethereum News Related Assets Bitcoin $ 62,812.72 0.37 % Latest Crypto News 1 BlackRock-backed Securitize slides 40% after SPAC debut despite tokenization boom 8 hours ago 2 Crypto exchange Kraken is trying to become a bank in Europe 9 hours ago 3 SpaceX IPO powers record $3.86 billion in tokenized equities trading in June 12 hours ago 4 U.S. SEC to propose crypto rule as soon as this month to ease startups, fundraising 12 hours ago 5 Analysts see more upside for SpaceX as post-IPO research begins 13 hours ago 6 Vanguard opens search for digital assets leader in sign of evolving crypto strategy 14 hours ago 7 AI trade loses steam as infrastructure boom faces reality check 14 hours ago 8 EDX Markets raises $76 million in funding round led by SBI Holdings 14 hours ago 9 Former Tether investment chief is looking to sell part of his stake in the stablecoin giant: Bloomberg 14 hours ago 10 Bitcoin, XRP draw Japanese firms as weak yen drives treasury diversification 15 hours ago Latest Research SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B. By CoinDesk Research 15 hours ago Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B. Why it matters : Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B. View Full Report More From Markets BlackRock-backed Securitize slides 40% after SPAC debut despite tokenization boom SpaceX IPO powers record $3.86 billion in tokenized equities trading in June Analysts see more upside for SpaceX as post-IPO research begins More From Bitcoin BlackRock-backed Securitize slides 40% after SPAC debut despite tokenization boom Crypto exchange Kraken is trying to become a bank in Europe SpaceX IPO powers record $3.86 billion in tokenized equities trading in June