Markets tumbled Thursday as escalating tensions tied to the Iran conflict drove oil prices and global bond yields sharply higher, sparking a broad risk-off move across assets.

Bitcoin managed to trim earlier losses later in the session after U.S. President Donald Trump announced an extension of the pause on strikes targeting Iran’s energy infrastructure. In a Truth Social post, Trump said the suspension would now last 10 days, citing ongoing diplomatic efforts.

“Per the Iranian government’s request, I am extending the pause on energy facility strikes by 10 days,” Trump wrote, adding that talks are continuing and progressing well.

The announcement helped steady sentiment after a volatile session that saw bitcoin drop around 3% and the Nasdaq slide 2.4%. The tech-heavy index is now roughly 10% below its late-January high.

While rising oil prices have dominated the narrative since the conflict escalated, the parallel sell-off in Western bond markets is becoming a growing concern.

The U.S. 10-year Treasury yield, which was below 4% just weeks ago, surged to as high as 4.43% before easing slightly to around 4.41%. The move has effectively wiped out expectations for Federal Reserve rate cuts and is fueling speculation that further rate hikes could be back on the table.

Similar dynamics are unfolding across Europe, where bond yields are also rising and reshaping expectations for central bank policy.

Following Trump’s remarks, bitcoin rebounded about 1% from its session lows, trading back above $69,000. Major altcoins—including ether, XRP, Solana and Cardano—also bounced from their lows, though they remained down roughly 3% to 5% over the past 24 hours.