Key Takeaways: Trump's "most crushing economic operation" against Iran pushed oil higher and tested Bitcoin's $69K support as traders weighed geopolitical risk against improving liquidity conditions.
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Bitcoin holds $69K as Trump declares economic warfare on Iran
Bitcoin held near $69,327 after Trump announced the "most crushing economic operation" against Iran, as oil rebounded on supply concerns.
"Oil prices have now rebounded almost completely from the lows seen in early August, as hopes for a more permanent resolution between the U.S. and Iran have faded and geopolitical risk premiums have returned to the market," Priyanka Sachdeva, head of market insights at Phillip Nova in Singapore, said.
BTC traded at $69,327 as of 01:19 UTC, with a 24-hour range of $64,123 to $70,000. Trading volume jumped 171% in the past 24 hours. Total BTC futures open interest rose 8% to $52.17 billion, with CME OI up more than 8% and Binance OI up nearly 10%, CoinGlass data shows. The 10-year Treasury yield closed near 4.64%, down from recent peaks around 4.74%, after the US Treasury doubled its long-term debt buybacks. The US Dollar Index weakened toward 98.8, its softest level in recent months.
Bitcoin reclaimed the 200-day SMA for the first time since November last year, ending a roughly 270-day streak below it, and broke above the short-term holder cost basis. Polymarket data shows 51% of prediction market participants expect BTC to reach $80,000 by December 31, 2026, despite no diplomatic deal in the US-Iran conflict.
Trump's "Economic D-Day" targets Iran's financial channels
Trump stated in a Truth Social post that Iran had "failed to take" an opportunity for a deal to end the war, and warned that countries providing financial, commercial, or logistical support could face massive economic consequences. He framed the campaign as an "ECONOMIC D-DAY," urging allies to join in isolating Iran by targeting oil smuggling, cash transfers, financial channels, and front companies.
This extends the Trump administration's "Operation Economic Fury" campaign after a 60-day ceasefire expired earlier this week with no diplomatic progress. Trump claimed Iran's navy, air force, and military factories are largely destroyed, and its currency "worthless," leaving the regime "hanging by a thread."
At the White House crypto summit, Trump hinted that Treasury Secretary Scott Bessent is about to deal massive damage to Iran through crippling new sanctions.
BTC jumped more than 8% in the past 24 hours after the US Treasury doubled debt buybacks as Bessent moved to steady the bond market. The 30-year yield briefly touched levels not seen since 2007 before easing.
Brent crude futures rose as much as 1% to $89.40 per barrel before settling down 24 cents at $89.28, while WTI fell 67 cents to $81.74. Both contracts gained more than 5% last week following attacks on tankers operated by Abu Dhabi National Oil Company in the Strait of Hormuz and on a Saudi Aramco refinery. Shipping through the strait slowed over the weekend, with five commodity vessels transiting on Saturday and none registered for Sunday, versus 31 for the prior weekend, Kpler data shows.
The tension between geopolitical risk and improving liquidity conditions sets up a volatile path for Bitcoin. If oil continues to climb on Hormuz disruptions, inflation expectations could rise, pressuring risk assets. But the Treasury's bond market intervention and a weaker dollar provide a counterweight that has historically supported BTC.
This article is for informational purposes only and does not constitute investment advice.
