Bitcoin Slides as Trump Declares Iran Ceasefire Collapse, Oil Prices Surge

Here’s a paraphrased version:

Major cryptocurrencies moved lower as renewed U.S.-Iran military tensions boosted oil prices and weighed on broader risk sentiment.

Bitcoin (BTC) and the wider crypto market came under pressure on Tuesday after the U.S. and Iran exchanged airstrikes, strengthening the dollar and prompting President Donald Trump to declare that the fragile ceasefire between the two countries had effectively ended.

According to CoinDesk data, Bitcoin fell to around $62,657 during Asian trading hours, down nearly 1% since the start of the UTC day. Other major cryptocurrencies also declined, with Ether (ETH), XRP, and Solana (SOL) losing between 1% and 2.3%. Meanwhile, WTI crude futures climbed more than 2% to $72.27, while the U.S. Dollar Index remained above 101 after extending its recent gains.

Trump said the memorandum of understanding and ceasefire agreement with Iran were “over, as far as I’m concerned,” accusing Iranian officials of dishonesty and arguing that continued negotiations were unproductive.

His remarks followed a fresh exchange of airstrikes between the two nations.

The U.S. stated that it carried out “powerful strikes” against Iran after attacks on three vessels in the Strait of Hormuz, including ships linked to Qatar and Saudi Arabia. Iran responded by claiming it had targeted 85 U.S. military sites in retaliation for strikes on locations in Hormozgan and Mahshahr.

The conflict, which began in late February, initially pushed oil prices above $100 per barrel and triggered a global inflation shock. Although crude prices have since fallen below $60, consumer inflation expectations have continued rising, increasing concerns that central banks, including the U.S. Federal Reserve, may keep interest rates elevated.

Higher interest rates typically reduce demand for riskier assets such as cryptocurrencies, as investors may prefer the stability and yields offered by traditional fixed-income investments.