Bitcoin pulled back from Sunday highs as renewed military conflict between Iran and Israel sent Asian stocks sharply lower. The leading cryptocurrency traded at around $62,900 early Monday, having hit a high of $63,776 late Sunday.
WTI crude oil futures jumped over 3% to $93.50 as the two nations traded airstrikes, ending a fragile ceasefire. U.S. President Donald Trump called for restraint, saying he urged Israeli Prime Minister Benjamin Netanyahu not to retaliate.
Asian equity markets took a beating. South Korea's KOSPI fell over 6.8%, prompting a temporary trade halt. Japan's Nikkei index also dropped over 3%.
The spike in oil prices adds to upward momentum in U.S. Treasury yields, which surged Friday after a blowout monthly jobs report. Hardening yields typically boost the dollar and weigh on riskier assets like cryptocurrencies.
Bitcoin has already declined 14% last week, briefly breaching the $60,000 mark, pressured by Strategy's BTC sale, the AI stock frenzy, and heavy outflows from spot bitcoin ETFs.
Volatility remains elevated this week with geopolitical tensions, U.S. inflation data, and major IPOs from SpaceX and Anthropic on the horizon.