Volatile Market Forces Push Wall Street and Bitcoin Lower

The US stock market suffered its third consecutive losing session on Tuesday, with the Dow falling by 419 points and the Nasdaq dropping 1%.

This volatile performance is being driven by three key factors: Iran's escalating conflict, the Federal Reserve's hawkish stance under new Chair Kevin Warsh, and the unpredictable nature of President Trump's tweets.

CNBC's Jim Cramer attributes much of this volatility to Iran, noting that every time a ceasefire hope fades, the market reacts negatively. The latest US strikes near the Strait of Hormuz have pushed Brent crude up 4.6% to $95.70 a barrel, with US crude closing above $90 for the first time in over a month.

Cramer also highlights the impact of the Federal Reserve's hawkish stance under Chair Warsh, who has signaled his willingness to raise rates even at the cost of a recession. This shift has increased the odds of a September rate hike to 66%, up from about 40% just last week.