Bitcoin declines below $65,000 as Trump threatens Iran after tanker attacks send Oil above $100
Bitcoin fell below $65,000 as surging oil prices and higher Treasury yields triggered a broader retreat from risk assets.
Data from CryptoSlate shows the largest cryptocurrency traded near $64,980 as Brent crude remained on track for a weekly gain of almost 10%. Oil settled 7% higher at $100.69 a barrel on July 23, its first close above $100 since May, before retreating to about $96.70 in European trading as of press time.
The move rippled across global markets. The 10-year US Treasury yield climbed to roughly 4.7%, its highest since January 2025, while the S&P 500 fell 1.2% and the Nasdaq Composite lost 2.2% on July 23.
The repricing followed attacks on two Saudi oil tankers in the Red Sea that prompted President Donald Trump to threaten Iran and the Houthis with “major military punishment.” The latest escalation raised fresh concerns over energy flows already disrupted by reduced traffic through the Strait of Hormuz.
Oil shock revives rate pressure
The surge in crude is now feeding directly into expectations for interest rates, adding another source of pressure on Bitcoin.
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