Iran Tensions Send Bitcoin Price Lower Amid Rising Oil Costs

The price of Bitcoin fell by 0.8% to $78,299.6 on Thursday as tensions between the US and Iran escalated.

The conflict has led to a surge in oil prices, which have risen sharply this week, adding to concerns over inflation and its potential impact on interest rates.

This, in turn, has underpinned Treasury yields, which hit a three-year high after the US Treasury Department announced a bigger buyback of longer-dated bonds.

Higher rates are generally bad news for speculative assets like crypto, with Bitcoin historically underperforming during Fed rate hike cycles.