Bitcoin (BTC) traded at $83,161.66, and the Nasdaq weakened at the start of a new week after U.S. President Donald Trump suggested another military strike on Iran could come before the midterm elections in early November.
As of 03:30 UTC, Bitcoin was down 1.3% at $83,324, while Ethereum (ETH) stood at $2,650.86, with major alternative cryptocurrencies such as XRP (XRP) and Solana (SOL) posting similar losses. Futures tied to Wall Street's tech-heavy Nasdaq index fell 0.7%. Futures linked to WTI crude rose nearly 1% to $93.28, and Brent crude also recorded a comparable gain.
Trump said on Sunday that he expected the war with Iran to end "soon," but did not rule out another military strike against the country before the midterm elections. According to reports, when asked whether military action could resume, he said: "I don't want to say that. I don't want to say that. I mean, it's possible, but I just don't want to say that." He also said the United States would win the war through both military and economic pressure.
Meanwhile, Iranian Foreign Minister Abbas Araghchi said Iran was "fully prepared" for a renewed outbreak of conflict and warned that the country could even withstand a potential "doomsday war." At the United Nations General Assembly, Iran proposed an agreement to reopen the Strait of Hormuz, a key oil transit chokepoint disrupted by the war, for seven days and to pause fighting, followed by broader negotiations on related issues. Trump, however, rejected the proposal, saying Iran was seeking a deal because it was under enormous pressure. Trump also emphasized on Truth Social that Iran "cannot have a nuclear weapon."
Since the war broke out in early March, persistent geopolitical uncertainty has intensified inflation concerns and pushed U.S. Treasury yields higher. Amid inflation worries, Fed rate-hike bets and debt concerns, the 10-year Treasury yield has risen 127 basis points to 5.20%, the highest level since 2007. Bitcoin fell earlier this year but rebounded strongly in the third quarter, shrugging off these uncertainties. Over the past three months, Bitcoin has risen 42%, outperforming all major assets including the Nasdaq and gold.
Analysts are now watching upcoming data for clues to the cryptocurrency's next move. Vikram Subburaj, CEO of India's Giottus exchange, said in an email: "For investors, the $83,800 to $84,000 range is an important short-term support level. The $85,000 to $85,800 area is the near-term resistance zone. Chasing the rally at current levels is not wise."
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