Bitcoin price reaches $72.5K as US issues ‘Economic D-Day’ threat to Iran

Bitcoin (BTC) saw multimonth highs after Thursday’s Wall Street open while stocks dipped and bond yields rebounded on US-Iran war nerves.

Key points:

• Bitcoin builds on its highest levels in 11 weeks to hit $72,500 on Bitstamp.
• US bond yields see volatility after president Donald Trump threatens “economic warfare” with Iran.
• Bitcoin market participants question whether the rally has staying power.

US bond yields reverse higher after Trump pledges “economic warfare” with Iran

Data from TradingView showed BTC/USD retesting $71,000 before hitting new 11-week high of $72,505 on Bitstamp, up by more than 4% on the day.

BTC/USD one-day chart. Source: Cointelegraph/TradingView

US equities opened lower after US president Donald Trump threatened Iran with the “most crushing economic operation ever taken against any country,” calling it “Economic D-Day.”

“This will be economic warfare and isolation on an unprecedented scale,” he wrote in a post on Truth Social amid frustration over the lack of a deal with the US on the Strait of Hormuz oil route.

WTI crude oil reached $87.69 per barrel on the day, its highest since July 24.

CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView

The comments further appeared to cause a rebound in US government bond yields, which had fallen sharply the day prior after the US Treasury announced that it would at least double the size of its bond-market liquidity interventions from September.