Crypto
US-Iran Tensions Send Bitcoin Price Plummeting
Bitcoin slid to $78,249.6 on Thursday as tensions between the US and Iran escalated, causing oil prices to rise sharply.
The Strait of Hormuz was the site of some of the worst fighting since February, with Iran striking 10 ships and the US retaliating by sinking five Iranian oil tankers.
Oil prices remain above $100 a barrel, fuelling concerns over energy-driven inflation and its impact on interest rates.
Treasury yields also surged this week, reaching a three-year high after the US Treasury Department's announcement of a bigger buyback of longer-dated bonds was met with indifference.
The increase in yields puts pressure on risk-driven assets like crypto, which have historically underperformed during Fed rate hike cycles.