Major cryptocurrencies came under pressure as markets reacted to the latest U.S. strikes on Iran, with Solana, Tron and other higher-risk tokens suffering larger losses than bitcoin.

The decline was particularly pronounced among high-beta assets. Solana and Tron each fell more than 3% over the past 24 hours, while bitcoin slipped roughly 1%. The gap indicates that traders were reducing exposure to the most volatile cryptocurrencies while showing comparatively stronger support for BTC.

Bitcoin was trading around $77,500 during Wednesday’s Asian session.

Solana dropped toward $100 and Tron traded near $0.32. Ether declined about 2% to slightly above $2,414, while XRP fell almost 2% to around $1.35. Dogecoin was down nearly 2% at just above $0.08, and HYPE declined more than 1% to about $83.

BNB was the strongest performer among the major tokens, falling less than 1% to roughly $687, according to CoinDesk data.

Selling pressure later began to moderate. Each of the major tokens had moved higher over the previous hour, even as Asian stock markets recorded significant declines. The move suggested some traders were using the weakness to rebuild positions.

Geopolitical Risks Lift Oil and Yields

The pressure on crypto has largely stemmed from developments outside the digital-asset market.

Brent crude moved above $95 as the strikes revived concerns that the conflict could disrupt shipping through the Strait of Hormuz. Higher energy prices can add to inflation and complicate central-bank efforts to lower rates.

U.S. Treasury yields also climbed, with the 10-year yield reaching 4.81%, its highest level in roughly three years. Japan experienced similar pressure, with the five-year government bond yield reaching a record and the 10-year yield touching 3% for the first time in three decades.

The moves were accompanied by losses in regional equities. Japanese stocks dropped more than 2%, while South Korea’s Kospi declined over 3%.

Fed Expectations Add to Crypto Headwinds

Interest-rate expectations have become another source of pressure for risk assets. Traders now see a 66% chance of a Federal Reserve rate hike at the September meeting, according to CME FedWatch, compared with about 40% one week earlier.

Comments from Fed Chair Kevin Warsh at Jackson Hole contributed to the shift, with Warsh suggesting that monetary policy may still need to remain restrictive to bring inflation under control.

Gold has also failed to provide a clear safe-haven signal. The metal fell to approximately $4,296 an ounce, extending its decline for a second session.

Bitfinex analysts had previously argued that bitcoin could continue to consolidate or advance unless weakness spread across risk assets broadly enough to pull BTC lower.

For the upside, LMAX Group market strategist Joel Kruger pointed to $80,000 as an important level, followed by the May high near $82,820.

Jobs Data Becomes the Next Catalyst

The market’s next major test will be Friday’s August employment report. Economists expect the U.S. economy to add around 55,000 jobs after losing 23,000 positions in July. Inflation figures are scheduled for Sept. 11.

A stronger jobs reading could increase expectations for a September rate hike, potentially keeping high-beta cryptocurrencies under pressure. The data will arrive just days before the Sept. 15 Clarity Act vote and the Federal Reserve’s policy decision on Sept. 16.