Solana Slides 3% as Iran Strikes Shake Crypto Markets

Bitcoin showed relative resilience on Wednesday as escalating U.S.-Iran tensions rattled global markets, while higher-risk cryptocurrencies including Solana and Tron suffered steeper losses.

Bitcoin traded near $77,500 during Asian hours, down roughly 1% over 24 hours following U.S. airstrikes on Iran. Solana and Tron each fell more than 3%, with SOL retreating toward $100 and TRX trading around $0.32.

Ether dropped 2% to just above $2,414, while XRP declined nearly 2% to approximately $1.35. Dogecoin fell almost 2% to slightly above $0.08, and HYPE lost more than 1% to around $83. BNB proved more resilient, slipping less than 1% to $687, according to CoinDesk data.

Despite the broader decline, major cryptocurrencies recovered modestly over the past hour even as Asian stock markets extended losses.

The pressure on crypto largely came from global macroeconomic conditions rather than industry-specific developments. Brent crude climbed above $95 per barrel as renewed conflict raised concerns over shipping through the Strait of Hormuz. Meanwhile, the U.S. 10-year Treasury yield reached 4.81%, its highest level in about three years.

Bond yields also surged in Japan, while Japanese equities dropped more than 2% and South Korea's Kospi lost over 3%.

Higher interest-rate expectations added to the risk-off mood. CME FedWatch data showed traders pricing a 66% probability of a Federal Reserve rate hike in September, up from roughly 40% a week earlier after Fed Chair Kevin Warsh delivered a hawkish message at Jackson Hole.

Gold also weakened to around $4,296 an ounce, suggesting investors were not simply rotating from cryptocurrencies and stocks into traditional safe-haven assets.

LMAX Group strategist Joel Kruger identified $80,000 and the May high near $82,820 as key upside levels for Bitcoin.

Attention now turns to Friday's U.S. August jobs report. Economists expect about 55,000 new jobs after July's 23,000 decline. A stronger labor report could reinforce expectations for a September Fed hike, potentially keeping Bitcoin, Solana, XRP and other cryptocurrencies under pressure ahead of the September 15 CLARITY Act vote and the Fed's decision the following day.