Crypto prices pull back while oil jumps on Trump Iran threats

Oil traded above $112 on April 7 after President Donald Trump warned he would target Iranian infrastructure if no agreement is reached by a midnight deadline. Bitcoin slipped to $68,589 in Asian hours, giving back gains from a rally tied to ceasefire headlines a day earlier.

The largest cryptocurrency was down about 0.6% over 24 hours after touching $69,350 on April 6. Ether fell 1% to $2,104, Solana’s SOL declined 2.7% to $79.75, XRP lost 1.6% to $1.32, and dogecoin dropped 2.2% to $0.09. BNB was little changed around $598.

Trump set a Tuesday night deadline for Iran to accept a deal and warned he would destroy “every bridge in Iran by 12 o’clock tomorrow night” if it does not. He added the military could put every power plant in the country “out of business,” while noting that talks were “going well.”

Separately, Iran conveyed to mediator Pakistan that it rejected the ceasefire proposal, seeking a permanent end to the war, the lifting of sanctions, reconstruction assistance and safe passage through the Strait of Hormuz.

Oil prices rose. U.S. crude traded above $112, while Brent changed hands near $115.66, up roughly 2.9% on the session.

Crypto wider markets mirrored bitcoin’s retreat. According to Diana Pires, chief business officer at sFOX, the latest swings reflected positioning rather than a change in fundamentals: “Heading into the weekend, sentiment was heavily skewed bearish and short interest had built up across the market. Once ceasefire headlines hit, that positioning had to unwind.” Roughly $196.7 million in short positions were liquidated during Monday’s bounce.

U.S. equities held small gains through the volatility, with the S&P 500 extending its longest advance since January. U.S. services readings for March indicated slower growth, the sharpest employment contraction since 2023 and faster input-price increases. Key inflation reports are due this week.

Bitcoin has traded between $65,000 and $73,000 in recent weeks. U.S. spot bitcoin ETFs drew about $471 million in net inflows on April 6, the sixth-largest daily intake of 2026, with bitcoin near $68,800 that day.

Market participants are tracking energy headlines, the Tuesday deadline and this week’s economic data.