US-Iran Tensions Slam the Brakes on Bitcoin's Rally

Bitcoin's recent rally has come to an end as it fell 1.4% to $77,670.6 on Wednesday due to renewed U.S.-Iran fighting and persistent uncertainty over interest rates.

The US and Iran traded a fresh round of strikes overnight on Tuesday, with both sides signaling little intent to deescalate.

Oil prices rose sharply in response, and higher oil factored into concerns over surging energy-driven inflation across the globe.

Government bond yields surged across major economies, pressuring risk-driven assets like Bitcoin.