Bitcoin retreated from Sunday’s highs as the renewed military conflict between Iran and Israel sent Asian stocks, including South Korea’s Kospi index, falling sharply.
The top cryptocurrency by market value was trading at around $62,900 as of 4:00 UTC, after hitting a high of $63,776 on Sunday evening, according to data source CoinDesk.
WTI crude oil futures jumped more than 3% to $93.50 as Iran and Israel exchanged airstrikes, ending the recent fragile ceasefire that had calmed energy markets. US President Donald Trump called for restraint and said he had asked Israeli Prime Minister Benjamin Netanyahu “not to retaliate”.
“I’m going to call Bibi right now and tell her not to retaliate,” he told Axios in a phone interview. “Israel has had its strike and Iran has had its strike. We don’t need another one.”
Asian stock markets were nevertheless beaten, with South Korea’s KOSPI falling more than 6.8%, causing a temporary halt to trade amid a volatile environment. Japan’s Nikkei index also fell more than 3%.
The latest surge in oil prices could only add to the upward momentum in US Treasury yields, which jumped on Friday following the release of the monthly US jobs report. Hardening Treasury yields typically boost demand for dollars and dollar equivalents and weigh on riskier assets like cryptocurrencies.
Bitcoin has already taken a beating for several reasons, including Strategy’s BTC sell-off, the AI stock market frenzy, and the exodus of capital from spot Bitcoin ETFs. Prices fell nearly 14% last week, briefly crossing the $60,000 mark.
Volatility could remain elevated this week as geopolitical tensions, coupled with the release of key data such as US inflation and major IPOs like SpaceX and Anthropic, are likely to influence liquidity dynamics.
