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Bitcoin fell to USD 76,926.53 as US strikes on Iranian targets near the Strait of Hormuz drove oil higher and triggered a broad risk-off move. Ethereum, XRP, Solana, and BNB also declined, while the total crypto market cap slipped to about USD 2.7 trillion.
President Trump confirmed the strikes and warned Iran against retaliation. He later said he was not trying to force Tehran back into negotiations and did not care whether Iran signed a deal.
Brent crude moved toward USD 95 a barrel after oil crossed USD 90, reaching its highest level in about 40 days. Traders reacted to the threat of disruption around the Strait of Hormuz.
Ethereum dropped 3.0% to USD 2,395.12, while XRP fell 3.7% to USD 1.33. Solana lost 4.0% to USD 98.77, and BNB slipped 1.8% to USD 681.55. The crypto market cap stood near USD 2.7 trillion, with daily volume reported between USD 82.4 billion and USD 83.7 billion. Bitcoin's decline reached 2.2% over 24 hours.
Pressure also came from USD 236.46 million in Bitcoin ETF outflows, block halts on Ontology and Injective, and a disputed USD 42.4 million Tether freeze.
The market shock extended beyond digital assets. Japan's Nikkei fell 2.7%, erasing an estimated ¥31.8 trillion, or about USD 202 billion, in market value. Technology stocks carried much of the damage in Japan. Meanwhile, South Korea reported annual inflation of 3.1%, slightly below the 3.2% forecast.
Iran said it would retaliate and named American interests in Bahrain and Kuwait as targets. Trump had warned Iran that any response would bring a harder US strike. What could determine whether crypto's decline stays contained or deepens into a broader market reset?
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Markets now face two major US events in mid-September. The Senate has a procedural vote on the CLARITY Act scheduled for September 15. The Federal Reserve follows with its next rate decision on September 16. CME FedWatch data in the supplied figures showed a 68% chance of rates settling at 375 - 400 basis points.
Economist Peter Schiff pointed to a 4.81% US 10-year Treasury yield, oil near USD 92, and a weakening labor market. He argued those conditions complicate the Fed's policy options. Meanwhile, the Fear and Greed Index stood at 63, placing sentiment in ‘Greed.’ Analyst Ali Charts also compared Bitcoin's structure with its 2023 bottoming pattern.
Ali said Bitcoin could face more failed breakout attempts before revisiting the USD 70,000 area. In 2023, three resistance tests preceded approximately 20% pullbacks before a fourth attempt broke higher.
Bitcoin's drop followed escalating US-Iran tensions, rising oil prices, ETF outflows, and fresh crypto infrastructure concerns. Attention now shifts to the September 15 CLARITY Act vote and September 16 Fed decision, while market sentiment remains in greed despite falling prices.
