Markets came under heavy pressure Thursday as the escalation in the Iran conflict sent oil prices and global bond yields sharply higher, triggering a broad risk-off move.
Bitcoin pared earlier losses later in the session after U.S. President Donald Trump said he would extend the pause on strikes against Iran’s energy infrastructure. In a Truth Social post, Trump announced the halt would be prolonged by 10 days, citing ongoing diplomatic discussions.
“Following a request from the Iranian government, I am extending the pause on energy facility strikes by 10 days,” Trump said, adding that negotiations remain underway and are progressing positively.
The announcement helped calm markets after a volatile session that saw bitcoin fall roughly 3% and the Nasdaq drop 2.4%, leaving the tech-heavy index about 10% below its late-January peak.
While the surge in oil prices has captured most of the attention, the simultaneous sell-off in Western bond markets is increasingly concerning for investors.
The U.S. 10-year Treasury yield, which was below 4% just weeks ago, climbed to as high as 4.43% before easing slightly to around 4.41%. The sharp rise has erased expectations for Federal Reserve rate cuts and has fueled speculation that policymakers could instead consider further tightening.
Similar trends are playing out across Europe, where rising bond yields are also shifting expectations around central bank policy.
Following Trump’s comments, bitcoin rebounded modestly, gaining about 1% from its session lows to trade just above $69,000. Major altcoins—including ether, XRP, Solana and Cardano—also recovered from their worst levels, though they remained down between 3% and 5% over the past 24 hours.
