Bitcoin slipped to around $83,000 in Asian trading on Monday as renewed geopolitical tensions in the Middle East weighed on broader cryptocurrency markets.
Bitcoin was trading near $83,050 on Monday afternoon in Asia, down about 1.6% over the previous 24 hours, according to CoinMarketCap. The cryptocurrency had remained around $84,400 for much of the weekend before beginning to decline during Monday morning trading. Despite the latest drop, Bitcoin remained approximately 1.9% higher over the past seven days.
Other major cryptocurrencies also moved lower. Ether declined 1.9% to roughly $2,646, leaving it down about 0.9% for the week. XRP fell 2.2% to $1.48, while Solana dropped 1.2% to approximately $119. Solana, however, remained up 6.7% over the previous seven days.
The total cryptocurrency market capitalisation stood at about $2.86 trillion, representing a 1.2% decline over 24 hours, according to CoinMarketCap.
Middle East Tensions Weigh on Markets
The weekend’s key macroeconomic development centred on the escalating conflict involving the United States and Iran.
Iranian Foreign Minister Abbas Araghchi proposed reopening the Strait of Hormuz within seven days if Washington lifted its naval blockade of Iranian ports, removed sanctions on Iranian oil, released roughly $12 billion in frozen Iranian assets and observed a ceasefire extending to Lebanon.
US President Donald Trump rejected the proposal on Saturday, saying it was something Washington “would have maybe agreed to a year ago.”
The Wall Street Journal subsequently reported that Trump had told aides he expected US bombing operations against Iran to resume after the November 3 midterm elections. At the same time, Trump indicated that mediated negotiations through Qatar could resume during the week.
When asked by Fox News whether US strikes could take place before the midterm elections, Trump said, “It’s possible, but I just don’t want to say that.”
Oil Prices Remain Elevated
The ongoing conflict has also kept energy markets under pressure. Brent crude ended the previous week at around $104 a barrel as concerns over disruptions involving the Strait of Hormuz continued to support oil prices.
A ceasefire reached under a memorandum of understanding in June collapsed in July following disagreements over control of the strategic waterway and the terms of sanctions relief.
For cryptocurrency markets, continued uncertainty around the conflict, oil prices and potential US military action is contributing to heightened volatility as investors assess broader risks to global markets.
