Bitcoin fell on Thursday, continuing to be pressured as tensions between the United States and Iran escalated and Treasury yields rose, weighing on appetite for high-risk assets.
The world's largest cryptocurrency fell 0.8% to $78,299.60 by 8:07 a.m., while other cryptocurrency prices declined broadly.
Oil prices rose sharply this week, adding to concerns about persistent inflation and its impact on interest rates, which in turn supported bond yields.
Iran tensions and rising yields are putting pressure on Bitcoin.
US-Iranian tensions remained at the forefront of market concerns, as the confrontations between the two sides witnessed some of the fiercest clashes since the outbreak of war in late February.
Iran announced that it had struck 10 ships in and around the Strait of Hormuz, while the United States confirmed that it had retaliated by sinking five Iranian oil tankers.
This development supported oil prices, keeping Brent crude comfortably above $100.00 a barrel. The rise in oil prices added to concerns that energy-driven inflation will push the Federal Reserve toward a more hawkish stance in the coming months.
Treasury yields also rose sharply this week, putting further pressure on riskier assets. The 10-year Treasury yield reached its highest level in three years after the U.S. Treasury announced an increase in its long-term bond repurchase program that fell short of expectations.
High interest rates cast a negative shadow on liquidity-dependent speculative assets such as cryptocurrencies, with Bitcoin historically performing poorly during Federal Reserve interest rate hikes.
Hunter Biden's meme-themed laptop coin crashes 98% in one hour of launch
The Hunter Biden-linked LAPTOP meme coin lost about 98% of its value within one hour of its launch on the Base platform on Wednesday.
The meme coin peaked during the day at $222.75 just minutes after its launch, before falling sharply to trade at levels well below $1.00 by Thursday.
Cryptocurrency prices today: Altcoins decline following Bitcoin's decline
Cryptocurrency prices fell broadly on Thursday, tracking Bitcoin's declines.
Ether, the world's second-largest cryptocurrency, fell 0.7% to $2,478.32, while XRP declined 2.7%.
Solana and Cardano both fell by more than 2% each, while BNB declined by 3.9%.
In the meme currency market, Dogecoin fell by 4.8%, while $TRUMP lost 9.4%.
