Markets endured a broad sell-off Thursday as the conflict in Iran pushed oil prices and bond yields sharply higher, weighing on risk assets across the board.
Bitcoin trimmed earlier losses in afternoon trading after U.S. President Donald Trump announced an extension of the pause on attacks targeting Iran’s energy infrastructure. In a post on Truth Social, Trump said the halt would now last 10 days, citing ongoing diplomatic efforts.
“Per the request of the Iranian government, I am extending the pause on energy plant strikes by 10 days,” Trump wrote, adding that negotiations are continuing and progressing well.
The announcement helped steady markets following a turbulent session that saw bitcoin fall around 3% and the Nasdaq drop 2.4%. The tech-heavy index is now down roughly 10% from its late-January peak.
While surging oil prices have dominated headlines since the escalation in hostilities, the parallel sell-off in Western bond markets is becoming an increasing concern for investors.
The yield on the U.S. 10-year Treasury, which was below 4% just weeks ago, climbed as high as 4.43% on Thursday before easing slightly to around 4.41%. The sharp move has not only erased expectations for Federal Reserve rate cuts but has also sparked growing speculation that further rate hikes could be on the table.
Similar shifts in bond yields and monetary policy expectations are unfolding across Western Europe, adding to the broader macro pressure on markets.
Following Trump’s comments, bitcoin rebounded modestly, rising about 1% from its session lows to trade just above $69,000. Major altcoins—including ether, XRP, Solana and Cardano—also recovered from their worst levels, though they remained down between 3% and 5% over the past 24 hours.
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