Live updates: Trump warns Iran of ‘economic warfare’; bond market sounds alarm
President Trump late Wednesday threatened Iran with a sweeping new economic crackdown, warning that countries helping Tehran evade U.S. pressure could also face consequences. In a post online, Trump described the effort as “Economic Warfare and Isolation on an unprecedented scale” as his administration seeks to force Tehran to reopen the Strait of Hormuz, a...
Bitcoin soared to $72,505 on Thursday, marking a new multimonth high, despite the U.S. threatening "economic warfare" against Iran in a bid to isolate the nation over the Strait of Hormuz. US stocks retreated amid the geopolitical tensions, while bond yields rose, reflecting investors' concerns over the U.S.-Iran conflict. By the end of the day, Bitcoin reversed above $71,000 and traded at its 11-week peak of $72,505 on Bitstamp.
The surge in Bitcoin's price was driven by renewed demand in both spot and derivatives markets, suggesting a potential end to the recent bear market. However, analysts remain cautious, with BTC needing to surpass its $60k support level to signal a lasting recovery.
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