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Bitcoin and other major cryptocurrencies declined as renewed U.S.-Iran tensions increased market uncertainty and pushed energy prices higher.

The crypto market faced fresh selling pressure on Tuesday after the U.S. and Iran exchanged airstrikes, strengthening the dollar and prompting President Donald Trump to declare that the fragile ceasefire between the two nations was no longer in effect.

Bitcoin (BTC) slipped to approximately $62,657 during Asian trading hours, falling nearly 1% from the start of the UTC session, according to CoinDesk data. Other leading assets also weakened, with Ether (ETH), XRP, and Solana (SOL) posting losses between 1% and 2.3%. At the same time, WTI crude futures rose more than 2% to $72.27, while the U.S. Dollar Index remained above 101 following recent gains.

Trump said the agreement with Iran had ended “as far as I’m concerned,” while criticizing Iranian officials and accusing them of failing to uphold their commitments.

The statement came after another round of military action between the two countries.

The U.S. reported launching major strikes on Iran following attacks on three vessels in the Strait of Hormuz, including ships associated with Qatar and Saudi Arabia. Iran later claimed it had retaliated by targeting 85 U.S. military positions after strikes hit locations in Hormozgan and Mahshahr.

The conflict, which started in late February, previously caused oil prices to surge above $100 per barrel and intensified global inflation concerns. Although crude prices have since fallen below $60, inflation expectations among consumers remain elevated, increasing concerns over future interest rate decisions by central banks, including the U.S. Federal Reserve.

Rising interest rates often pressure cryptocurrencies because higher yields from traditional assets can reduce demand for riskier investments such as Bitcoin and other digital assets.