Bitcoin and Nasdaq futures opened the week lower after President Donald Trump left open the possibility of further U.S. strikes against Iran ahead of the early November midterm elections, while also saying the conflict could be nearing an end.
Bitcoin was down 1.3% at $83,324 as of 03:30 UTC. Ether, XRP and solana also traded lower, while Nasdaq futures fell 0.7%.
Oil prices moved higher amid the renewed geopolitical uncertainty. WTI crude futures gained nearly 1% to $93.28, with Brent crude recording similar gains.
Trump Says Conflict Could End Soon
Trump said Sunday that he believed the war with Iran could conclude “very soon,” but declined to exclude the possibility of additional military action before the midterms.
Asked by Fox News whether the U.S. could launch further strikes, Trump said it was possible while declining to elaborate.
He also said the U.S. would secure victory through both military and economic pressure.
Iranian Foreign Minister Abbas Araghchi said Iran was prepared for another round of fighting and could withstand what he called a potential “doomsday war.”
Iran Seeks Temporary Hormuz Reopening
During the United Nations General Assembly, Iran proposed temporarily reopening the Strait of Hormuz for seven days while suspending hostilities, with broader negotiations to follow.
The waterway is a key route for global oil shipments and has been disrupted by the conflict.
Trump rejected the proposal, saying Iran was seeking negotiations because it was facing substantial pressure. He also reiterated on Truth Social that Iran “cannot have a nuclear weapon.”
Bond Yields Remain Elevated
The ongoing conflict has added to inflation concerns and pushed Treasury yields higher since the war began in early March.
The 10-year Treasury yield has climbed 127 basis points to 5.20%, its highest level since 2007. Markets are balancing higher inflation risks against expectations for Federal Reserve rate hikes and concerns about rising government debt.
Bitcoin has nevertheless recovered sharply during the third quarter after falling earlier in the year. It is up 42% over the past three months, exceeding the gains of major assets such as the Nasdaq and gold.
Economic Data Could Drive the Next Move
Investors are now awaiting several major U.S. economic releases that could influence expectations for monetary policy and cryptocurrency markets.
Vikram Subburaj, CEO of India-based Giottus, said the $83,800-$84,000 range represents an important near-term level, while $85,000-$85,800 marks the immediate resistance area.
Subburaj cautioned against chasing the move at current prices and said traders could limit risk by reducing leverage and using staggered entries as bitcoin responds to ETF flows, Treasury yields and inflation data.
The U.S. PCE inflation report, ISM manufacturing data and nonfarm payrolls are all scheduled for release this week. The figures could affect expectations for future Federal Reserve rate decisions and broader market direction.
