Bitcoin and other major cryptocurrencies fell over the past 24 hours as escalating geopolitical tensions triggered a broader risk-off move across global markets. The declines were steeper among higher-beta tokens, while BTC proved comparatively resilient.
Solana and Tron each dropped more than 3%, roughly three times bitcoin’s decline of about 1%. The divergence suggests investors were trimming their most volatile crypto positions first while maintaining greater exposure to bitcoin.
BTC was trading near $77,500 during Asian trading hours Wednesday.
Solana fell to around $100 and Tron to approximately $0.32, making them the weakest performers among the major tokens. Ether declined about 2% to just above $2,414, while XRP slipped nearly 2% to roughly $1.35. Dogecoin was down almost 2% at slightly above $0.08, and HYPE lost more than 1% to around $83.
BNB was the relative outperformer, declining less than 1% to about $687, according to CoinDesk data.
The selling pressure appeared to ease later in the session, with all of the major tokens posting gains over the previous hour. The rebound occurred as Asian equities suffered some of their largest losses, suggesting crypto buyers were beginning to absorb the dip despite weakness across traditional markets.
Oil Surge Adds to Market Pressure
The latest decline was driven mainly by macroeconomic developments rather than crypto-specific factors.
Brent crude climbed above $95 as U.S. strikes on Iran renewed concerns about disruptions to shipping through the Strait of Hormuz. The U.S. 10-year Treasury yield also rose to 4.81%, its highest level in about three years.
Bond markets elsewhere showed similar stress. Japan’s five-year government bond yield reached a record, while its 10-year yield hit 3% for the first time in 30 years. Japanese stocks fell more than 2%, and South Korea’s Kospi declined over 3%.
Expectations for Federal Reserve policy have also shifted. CME FedWatch data showed a 66% probability of a September rate hike, compared with roughly 40% a week earlier. Fed Chair Kevin Warsh’s comments at Jackson Hole that monetary policy may not yet be restrictive enough to bring inflation down have contributed to the change in expectations.
Gold also moved lower for a second straight session, reaching around $4,296 an ounce. Its decline makes it harder to characterize the market move as a simple rotation from risk assets into traditional safe-haven holdings.
Before the latest geopolitical escalation, Bitfinex analysts said bitcoin could continue consolidating or move higher unless weakness spread across the broader risk-asset complex and dragged BTC lower.
LMAX Group strategist Joel Kruger identified $80,000 as the next important upside target, with the May high around $82,820 representing the following major resistance level.
Employment Data Could Set the Tone
Markets are now looking ahead to Friday’s August U.S. jobs report. Economists expect payrolls to increase by about 55,000 after a 23,000 decline in July. The next inflation report is due Sept. 11.
A stronger labor-market reading could reinforce expectations for a September rate hike and keep pressure on high-beta cryptocurrencies. The data will arrive shortly before the Sept. 15 Clarity Act vote and the Federal Reserve’s policy decision the following day, making the period particularly important for crypto markets.
