TLDR
- Bitcoin fell 1.8% to around $62,853 as U.S.-Iran conflict escalated over the weekend
- U.S. and Iran traded fresh attacks near the Strait of Hormuz, with Iran claiming it closed the waterway
- Oil jumped roughly 4%, with WTI trading above $74 a barrel
- U.S. stock futures fell, with Nasdaq-100 futures dropping 1.24%
- AI spending is now the main driver of Wall Street’s focus, overshadowing geopolitical headlines
Bitcoin slid below $63,000 on Monday as fresh hostilities between the U.S. and Iran rattled markets and pushed investors away from riskier assets.
The world’s largest cryptocurrency fell 1.8% to $62,853, extending losses from the weekend.
U.S.-Iran Conflict Drives Risk-Off Mood
Over the weekend, the U.S. military struck Iranian targets after a container ship was hit by a suspected Iranian missile in the Strait of Hormuz. The U.S. Central Command said it had hit around 140 Iranian targets, including missile and drone launch sites.
Breaking News🚨:
The US has completely destroyed the IRGC headquarters in Iran. This was the primary location from which Iran controlled its air force. The attack was so massive that surrounding buildings were completely destroyed. An uncontrollable fire is raging at the site… pic.twitter.com/JAMQebHKzW
— Us_militryPower (@Trumpspoof__) July 13, 2026
Iran responded by firing missiles and drones at targets in Bahrain, Oman, Kuwait, Qatar, and Jordan.
Iran claimed the Strait of Hormuz was closed to shipping. The U.S. disputed that, with Centcom saying “Iran does not control the strait. Traffic is flowing.”
President Donald Trump confirmed the 60-day cease-fire agreement is over, though international mediators are still working on a diplomatic solution.
Oil prices jumped sharply on the news. West Texas Intermediate crude rose about 4% to above $74 a barrel. Brent crude also climbed roughly 4%, trading above $79 a barrel.
Higher oil prices raise concerns about energy-driven inflation, which could keep interest rates elevated. Higher rates tend to reduce the appeal of non-yielding assets like crypto.
Stock Futures Slip, Crypto Follows
U.S. stock futures dipped on Sunday night. Dow Jones futures fell about 170 points, or 0.3%. S&P 500 futures dropped 0.42% and Nasdaq-100 futures fell 1.24%.
Broader crypto markets also declined. Ether fell 1.1% to $1,783. XRP dropped 1.7%. Solana, Cardano, and BNB fell between 0.2% and 3%. Dogecoin fell 1.2%, while $TRUMP dropped 2.2%.
Bitcoin exchange-traded funds recorded eight straight weeks of capital outflows, according to data from SoSoValue. Institutional appetite for crypto has largely pulled back.
The Clarity Act, a closely watched crypto bill in Congress, has also stalled, removing a potential positive catalyst for the sector.
Bitcoin is still trading about 50% below its October record high.
AI Takes Center Stage on Wall Street
Despite the geopolitical noise, Wall Street’s attention has shifted toward artificial intelligence spending.
Analysts say the focus has moved away from oil and conflict and toward the AI investment cycle. AI spending and profit forecasts have been the main driver of stock market gains this year.
The second-quarter earnings season kicks off this week. Big banks report Tuesday and Wednesday. Netflix and Taiwan Semiconductor Manufacturing report Thursday. Analysts expect S&P 500 earnings to grow 23.6% for the quarter, according to FactSet.
Fed Chair Kevin Warsh will also testify before Congress this week. June’s Consumer Price Index drops Tuesday, and the Producer Price Index follows on Wednesday. Economists will be watching both closely to gauge how much inflation pressure existed before the latest oil shock.
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