Bitcoin Holds Near 68,000 Amid US-Iran Escalation

Bitcoin held steady near 68,000 on Tuesday as escalating tensions between the United States and Iran gripped global markets, with President Donald Trump issuing a stark warning ahead of an 8 p.m. ET deadline for a ceasefire deal. The cryptocurrency, which briefly surpassed 70,000 on Monday amid fleeting hopes for de-escalation, retreated to around 68,200 as Iran rejected a proposed 45-day truce, heightening fears of further conflict in the Middle East.

Trump's statement on Truth Social amplified the uncertainty, declaring that "a whole civilization will die tonight" if no agreement is reached to reopen the Strait of Hormuz, a vital shipping route carrying about 20 percent of the world's oil. The warning followed reports of U.S. strikes on Iranian oil infrastructure at Kharg Island and Iran's threats to close the Bab al-Mandeb Strait, which handles roughly 12 percent of global seaborne trade. These developments drove U.S. crude oil prices above 114 per barrel, up about 1.7 percent, extending a rally fueled by the Hormuz closure that began six weeks ago at the onset of the conflict.

The broader cryptocurrency market mirrored Bitcoin's pullback, with total capitalization falling 2...