Bitcoin and other cryptocurrencies fell on July 7 after the US and Iran exchanged aerial strikes, lifting the dollar and oil prices as traders pulled back from riskier assets.

Bitcoin slipped nearly 1% to US$62,657 in Asian trading.

Ether, XRP, and Solana fell between 1% and 2.3%. WTI crude rose more than 2% to US$72.27, while the Dollar Index stayed above 101.

The confrontation has also sharpened focus on the Strait of Hormuz, which carries about 20% of global oil shipments and is closely watched for its effect on energy prices and inflation.

The selloff also fits earlier episodes in which bitcoin traded like a risk asset during Middle East military escalations rather than a haven.

Higher oil prices could also keep interest rates on hold for longer, while US-listed spot bitcoin exchange-traded funds recently recorded 12 consecutive days of net outflows.

🔗 Source: CoinDesk