Bitcoin Muted as Oil Prices Soar Amid US-Iran Tensions

The cryptocurrency market has been under pressure due to continued U.S.-Iran tensions and a rout in U.S. Treasury bonds driven by inflation and debt worries.

Rising oil prices have contributed to inflationary jitters, while massive bond offerings from tech firms have compounded debt worries.

The 10-year Treasury yield hit a session high of 5.335%, its highest level since June 2007, before paring gains and closing lower by 2.5 basis points at 5.285%.

In other news, the U.S. Securities and Exchange Commission (SEC) proposed new rules to create a framework for certain investment contracts involving crypto assets.