Bitcoin saw new multimonth highs above $72,500 even as US stocks cooled amid US threats of “economic warfare” with Iran.
Bitcoin (BTC) saw multimonth highs after Thursday’s Wall Street open while stocks dipped and bond yields rebounded on US-Iran war nerves.
US bond yields reverse higher after Trump pledges “economic warfare” with Iran
Data from TradingView showed BTC/USD retesting $71,000 before hitting new 11-week high of $72,505 on Bitstamp, up by more than 4% on the day.
BTC/USD one-day chart. Source: Cointelegraph/TradingView
US equities opened lower after US president Donald Trump threatened Iran with the “most crushing economic operation ever taken against any country,” calling it “Economic D-Day.”
“This will be economic warfare and isolation on an unprecedented scale,” he wrote in a post on Truth Social amid frustration over the lack of a deal with the US on the Strait of Hormuz oil route.
WTI crude oil reached $87.69 per barrel on the day, its highest since July 24.
CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView
The comments further appeared to cause a rebound in US government bond yields, which had fallen sharply the day prior after the US Treasury announced that it would at least double the size of its bond-market liquidity interventions from September.
The 30-year yield traded as low as 5.179% on the day before rebounding to 5.266% — an increase of 9 bps, which nearly erased the previous downside. The 10-year bond yield also reversed the previous day’s drop.
US 30-year bond yields one-day chart. Source: Cointelegraph/TradingView
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