Here’s another rewritten version:
Crypto markets came under pressure on Tuesday as renewed military tensions between the U.S. and Iran pushed oil prices higher and weakened investor appetite for riskier assets.
Bitcoin (BTC) and the broader cryptocurrency market declined after the two countries exchanged airstrikes, while President Donald Trump said the existing ceasefire agreement with Iran had effectively ended. The developments boosted demand for the U.S. dollar and added fresh uncertainty to global markets.
According to CoinDesk data, Bitcoin dropped to around $62,657 during Asian trading hours, marking a decline of nearly 1% since the beginning of the UTC session. Other major cryptocurrencies also moved lower, with Ether (ETH), XRP, and Solana (SOL) falling between 1% and 2.3%. Meanwhile, WTI crude oil futures climbed more than 2% to $72.27, and the Dollar Index held above 101 after extending its recent strength.
Trump stated that the ceasefire and related agreement with Iran were no longer in effect, accusing Tehran’s leadership of misleading negotiators and saying further discussions had become unproductive.
The remarks followed a new round of attacks between the two sides.
The U.S. said it carried out significant strikes against Iran after attacks targeted three vessels in the Strait of Hormuz, including ships linked to Qatar and Saudi Arabia. Iran responded by claiming it had launched strikes against 85 U.S. military facilities in retaliation for attacks on areas in Hormozgan and Mahshahr.
The ongoing conflict, which began in late February, initially drove crude prices above $100 per barrel and intensified worldwide inflation concerns. Although oil prices have since eased below $60, rising consumer inflation expectations continue to fuel concerns about potential interest rate increases in the U.S. and other major economies.
Higher borrowing costs typically create headwinds for cryptocurrencies, as investors may shift toward safer, yield-generating assets such as bonds rather than riskier markets like digital assets.
