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Bitcoin rose slightly on Tuesday, as it attempted to recover from its recent losses, amid ongoing pressure from higher yields and continued tensions between the United States and Iran, prompting investors to avoid high-risk assets.
The worldโs largest cryptocurrency rose 1.30% to reach $84,506.00 by 4:25 PM Saudi time. It had peaked at $85,000.00 over the weekend before quickly pulling back.
Markets found some support from a statement by U.S. banking giant Citi expanding its digital asset services in Japan and the United Arab Emirates, amid hopes for greater adoption by traditional financial institutions in the sector.
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Yields and tensions with Iran keep Bitcoin under pressure
Cryptocurrency markets were affected by a sudden sharp rise in U.S. Treasury yields, as markets continued to price in expectations of further interest rate hikes by the Federal Reserve.
Key employment data scheduled for this week is expected to shed more light on the interest-rate path, as any signs of strength in the U.S. labor market would bolster arguments calling for further hikes.
Benchmark U.S. Treasury bond yields with a 10-year maturity jumped to their highest levels in 19 years in September, after the Federal Reserve raised interest rates by 25 basis points and issued a hawkish outlook in the face of persistent inflation.
It has increased concerns about inflation as oil prices surged sharply this week amid stalled negotiations between the United States and Iran. On Monday, President Donald Trump denied reports that he had offered Iran some relief in exchange for assurances related to the Strait of Hormuz and its nuclear ambitions.
Earlier, Trump rejected the latest Iranian peace proposal.
Tensions between Saudi Arabia and the Houthis continued, keeping markets on alert for the possibility that oil supplies could face further disruptions and reducing appetite for high-risk assets.
Higher interest rates cast a negative shadow on speculative assets like cryptocurrencies, as they raise the opportunity cost of investing in this sector compared with debt instruments.
A Senate committee report links USDT belonging to Tether to funding Iran
A report released Monday by U.S. Senate Democrats said that USDT, the stablecoin issued by Tether, has become a "vital financial lifeline" for Iran and a tool to finance proxy groups such as Hezbollah.
The report was overseen by Senator Richard Blumenthal of Connecticut, the leading Democratic member of the Senate subcommittee on permanent investigations. The report examined 846 crypto wallets linked to Iran that were subject to U.S. and Israeli sanctions.
The report concluded that 84% of those wallets conducted transactions in USDT, including deals that helped the Iranian government move funds across its borders and support its currency in the face of U.S. sanctions, including via Iranโs central bank.
USDT is the worldโs largest dollar-backed stablecoin, and it has faced intense scrutiny in the past over potential transactions with entities subject to U.S. sanctions.
Cryptocurrency prices today: Altcoins are rising
Cryptocurrency prices rose cautiously on Tuesday, recouping some of the losses from the weekend.
Ether, the worldโs second-largest cryptocurrency, rose 1.85% to $2,737.00, while XRP added 1.67%.
Solana rose 1.60%, while BNB moved only slightly. Cardano rose 1.30%.
As for the meme coin sector, Dogecoin rose by 2.30%, and $TRUMP rose by 2.81%.$VGX $H
