Cryptocurrency

Bitcoin declines below $65,000 as Trump threatens Iran after tanker attacks send Oil above $100 – Crypto News

Published

2 hours ago

July 24, 2026

Dripp

Bitcoin fell below $65,000 as surging oil prices and higher Treasury yields triggered a broader retreat from risk assets.

Data from CryptoSlate shows the largest cryptocurrency traded near $64,980 as Brent crude remained on track for a weekly gain of almost 10%. Oil settled 7% higher at $100.69 a barrel on July 23, its first close above $100 since May, before retreating to about $96.70 in European trading as of press time.

The move rippled across global markets. The 10-year US Treasury yield climbed to roughly 4.7%, its highest since January 2025, while the S&P 500 fell 1.2% and the Nasdaq Composite lost 2.2% on July 23.

The repricing followed attacks on two Saudi oil tankers in the Red Sea that prompted President Donald Trump to threaten Iran and the Houthis with “major military punishment.” The latest escalation raised fresh concerns over energy flows already disrupted by reduced traffic through the Strait of Hormuz.

Oil shock revives rate pressure

The surge in crude is now feeding directly into expectations for interest rates, adding another source of pressure on Bitcoin.

Higher energy costs risk keeping inflation elevated through transportation, manufacturing and consumer prices, limiting the Federal Reserve’s room to ease policy. Treasury markets have already begun reflecting that shift as investors demand higher yields to hold longer-dated government debt.

Bitcoin’s $69,000 test could expose its whale-led rebound as a fragile Fed gamble

A decisive reclaim of short-term holders’ $69,000 cost basis would put Bitcoin into a thin supply zone stretching toward $84,000.

Jul 23, 2026 · Gino Matos

Traders have also increased bets on another Fed move. CME FedWatch placed the probability of a quarter-point rate increase at the July 28-29 meeting near 40%, a repricing that would further tighten financial conditions for assets sensitive to liquidity.

André Dragosch, head of research for Europe at Bitwise, said a sustained rise in oil could push the 10-year Treasury yield above 5%.

Dragosch said the pressure could extend beyond U.S. monetary policy. Major oil importers such as Japan may need to raise cash as their energy bills increase, potentially creating another source of selling in US Treasuries.

Jurrien Timmer, Fidelity Investments’ director of global macro, pointed to another complication. With the correlation between bonds and equities still positive, he said rising term premiums could weigh on both asset classes at the same time.

That would leave investors with fewer places to absorb a broader risk-off move.

For Bitcoin, the combination of higher oil prices, rising yields and weaker diversification across traditional markets could amplify pressure just as spot demand and ETF flows begin to lose momentum.

Bitcoin demand weakens as ETF flows reverse

The tougher macro backdrop is arriving as the demand that supported Bitcoin’s recent rebound begins to lose momentum.

US-listed spot Bitcoin exchange-traded funds posted $225.2 million in net outflows on July 23, snapping a seven-session inflow streak, SoSoValue data showed.

US Bitcoin ETFs Flow in The Last 7 Days (Source: SoSoValue)

The funds had taken in nearly $1 billion during that run and remained about $274 million in positive territory for the week through Thursday.

While one day of outflows does not mark a broader institutional retreat, the reversal removes a source of demand that had helped underpin Bitcoin as pressure from rising yields and weaker equities intensified.

Meanwhile, on-chain data point to a similar loss of momentum.

CryptoQuant founder and CEO Ki Young Ju said spot demand has weakened, while futures demand remains positive but well below the levels recorded during Bitcoin’s rebound three months earlier.

CryptoQuant data showed spot demand had been largely negative or flat since June even as Bitcoin recovered from its early-July lows. Futures traders continued to add exposure, but at a much slower pace than during the previous advance.