Bitcoin, Ethereum Fall As Trump Warns Iran Of A Bigger Attack

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) slid Tuesday after President Trump announced U.S. strikes on Iranian targets near the Strait of Hormuz and warned of a larger attack to come.

Trump posted on Truth Social that the U.S. is striking Iranian targets near the Strait of Hormuz in retaliation for Iran attempting to place sea mines in the waterway and firing eight missiles at a US military base in Jordan. 

The Kobeissi Letter flagged on X that Brent crude spiked toward $96 per barrel on the news, up nearly 5% on the session. 

With oil and yields rising simultaneously, the Dow, S&P 500 (NYSE:SPY), and Nasdaq all traded lower, putting global risk-off firmly back on the table and creating the worst possible setup for risk assets heading into the session.

What Analysts Are Saying About Yields

Peter Schiff posted on X that as long as deficit spending continues, the Fed will keep printing money and buying Treasuries, meaning small rate hikes will not reduce inflation but instead fuel it by widening budget deficits further.

As Coindesk reported, notable Bitcoin analyst James Lavish commented on a key global bond yield gauge hitting its highest level since 2008, calling it “the death of fiat in a slow-motion train crash.”