Following U.S. strikes on targets near the Strait of Hormuz in Iran, global market risk-off sentiment intensified. Oil prices rose above $90 per barrel, while Asian stock markets and crypto assets declined in tandem. Bitcoin retreated to around $76,900, dragging down major tokens such as Ethereum and XRP.
Geopolitical conflicts drive up oil prices.
President Trump confirmed the strike and warned Iran not to retaliate. He later stated that he has no intention of pushing Iran back to negotiations and does not care whether Tehran signs an agreement.
After the news broke, traders began reassessing the risk of disruptions to shipping through the Strait of Hormuz, one of the world’s key routes for crude oil transport. Markets are concerned that if the conflict escalates further, energy supplies could be affected for a prolonged period.
Risk assets are generally under pressure.
This round of volatility was not limited to oil and crypto markets. Japan's Nikkei index fell 2.7%, with technology stocks leading the declines. South Korea's August inflation rate came in at 3.1%, slightly below the market expectation of 3.2%, but failed to reverse the overall risk-off sentiment.
- Bitcoin is trading at $76,926.53, down 2.2% today.
- Ethereum is trading at $2,395.12, down 3.0% today.
- XRP is trading at $1.33, down 3.7% today.
The total market capitalization of the crypto market dropped to $2.7 trillion, falling approximately 1.4% in a single day, with trading volume reaching around $82.4 billion. Solana fell to $98.77, down 4.0%; BNB traded at $681.55, down 1.8%.
The market is still watching the next developments.
Despite short-term pressure, some analysts believe Bitcoin’s current price action resembles the consolidation phase of 2023. Analyst Ali Charts noted that back then, Bitcoin tested resistance multiple times, each time pulling back to the midpoint of the range until it finally broke through on the fourth attempt, triggering a clear upward move.
He believes that if this pattern reappears, Bitcoin may still experience further rallies followed by pullbacks, and even retest the $70,000 area, before truly strengthening.
However, based on current market reactions, the dominant factor remains the geopolitical situation itself. If U.S.-Iran tensions continue to escalate and oil prices remain elevated, capital may continue to favor defensive assets, and short-term volatility in risk assets could also stay at high levels.