Bitcoin and Nasdaq futures moved lower at the start of the week after President Donald Trump declined to rule out additional strikes against Iran before the November midterm elections, despite saying the conflict could end soon.
Bitcoin was trading at $83,324 at 03:30 UTC, down 1.3%. Ether, XRP and solana also extended losses, while Nasdaq futures fell 0.7%.
Oil markets strengthened as geopolitical risks remained elevated. WTI crude climbed almost 1% to $93.28, while Brent futures posted comparable gains.
Trump Leaves Further Military Action Possible
Trump said Sunday that he expected the war with Iran to end “very soon,” but did not exclude the possibility of additional U.S. military action before the midterms.
Responding to a Fox News question about whether strikes could resume, Trump said such an outcome was possible but declined to provide further details.
He said the U.S. would win through a combination of military force and economic pressure.
Iranian Foreign Minister Abbas Araghchi, meanwhile, said Iran was prepared for renewed hostilities and could withstand a potential “doomsday war.”
Hormuz Proposal Rejected
Iran proposed at the United Nations General Assembly that the Strait of Hormuz be reopened for seven days as part of a temporary pause in fighting, followed by broader negotiations.
The Strait is a major global oil-shipping chokepoint and has been disrupted by the conflict.
Trump rejected the proposal, saying Iran was seeking a deal because it was under significant pressure. He also wrote on Truth Social that Iran “cannot have a nuclear weapon.”
Treasury Yields Hit Multi-Year High
Geopolitical uncertainty has continued to feed inflation concerns since the conflict began in early March, contributing to a sharp rise in Treasury yields.
The 10-year U.S. Treasury yield has increased 127 basis points to 5.20%, its highest level since 2007. Investors are weighing the potential inflation impact of the conflict alongside expectations for Federal Reserve rate hikes and concerns over government borrowing.
Bitcoin has nonetheless posted a strong third-quarter rebound after its earlier decline. The cryptocurrency is up 42% over three months, ahead of the Nasdaq and gold during the same period.
Traders Focus on U.S. Economic Releases
Attention is now shifting toward this week’s economic data, which could provide fresh signals on the Federal Reserve’s policy path and the broader risk environment.
Vikram Subburaj, CEO of India-based Giottus exchange, said bitcoin’s $83,800-$84,000 area is an important near-term level, while $85,000-$85,800 represents immediate resistance.
He said traders should be cautious about chasing the move and suggested that lower leverage and staggered entries could help manage volatility as markets digest ETF flows, Treasury yields and upcoming inflation figures.
The U.S. PCE inflation report, ISM manufacturing figures and nonfarm payrolls are all due this week. The data could reshape expectations for Fed rate hikes and influence bitcoin and other risk assets.
