Bitcoin Holds at $68,000 Amid Trump Iran Deadline

Bitcoin hovered around $68,000 on Tuesday as President Donald Trump maintained a firm 8 p.m. ET deadline for Iran to agree to reopen the Strait of Hormuz, threatening strikes on the country's bridges and power plants if no deal materializes. The cryptocurrency's price, which briefly surpassed $70,000 on Monday amid reports of potential ceasefire talks, retreated following Iran's rejection of a U.S.-backed 45-day proposal, erasing early gains and contributing to a roughly 2% decline in the overall crypto market capitalization to $2.42 trillion.

The ongoing U.S.-Iran conflict, now in its sixth week, has confined Bitcoin to a tight trading range between $65,000 and $73,000, with each de-escalation headline prompting short-lived rallies followed by pullbacks on rejections or escalations. Ethereum fell 2.9% to $2,090, Solana dropped 3.8% to $79.44, and XRP slid 3.3% to $1.31, reflecting broader risk aversion. Oil prices exacerbated the pressure, with Brent crude climbing above $112 per barrel due to fears of prolonged disruption in the Strait of Hormuz, which has been closed since mid-March. This surge has heightened inflation concerns, limiting expectations for Federal Reserve rate...