- Bitcoin traded near $66,150, falling 1.7% as global market volatility increased.
- U.S. stock futures tumbled sharply and oil prices surged above $100 per barrel due to Middle East tensions.
- The conflict led to Iran appointing a new supreme leader, Mojtaba Khamenei, following strikes that killed his predecessor.
Bitcoin extended its losses Sunday, trading around $66,150 as heightened tensions in the Middle East triggered volatility across global markets. The cryptocurrency’s decline coincided with a sharp sell-off in U.S. stock futures and a surge in oil prices above $100 a barrel. Consequently, futures tied to the Dow Jones Industrial Average fell more than 800 points, while S&P 500 and Nasdaq-100 futures each dropped about 1.5%.
The spike in crude prices followed attacks on energy infrastructure and fears of supply shocks around the Strait of Hormuz. President Donald Trump stated on Truth Social that short-term oil price increases were a necessary price for safety. Meanwhile, Iranian state television reported that Mojtaba Khamenei was named as the country’s new supreme leader after his father was killed.
Pratik Kala, head of research at Apollo Crypto, told Decrypt that higher oil prices directly translate to higher costs for consumer goods. He noted the new Iranian leader’s personal loss could influence decision-making, saying, “Typically, a person in that situation is not going to make decisions with a cool mind.” For Bitcoin traders, the key question remains whether the shock will spread beyond commodities to other risk assets.
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