Bitcoin Price Tumbles Amid Iran Crisis and Rising Bond Yields

Bitcoin's price took another hit on Thursday, settling at $78,299 as investors grew cautious amid escalating U.S.-Iran tensions and rising bond yields.

The Strait of Hormuz incident sent shockwaves through global markets, leading to a substantial rally in energy commodities. Brent crude surged past the $101 per barrel threshold, while WTI crude crossed above $96.

This jump in energy prices reignited inflation anxieties, potentially affecting market expectations around future interest rate policy.

The yield on 10-year U.S. Treasury bonds reached a three-year high after an unsuccessful U.S. Treasury attempt to buy back longer-maturity bonds.