The resurgence of the Iran war premium has had a profound impact on the cryptocurrency market. Over the past 24 hours, bitcoin has fallen by 2.1% to $75,633, with a weekly loss of 3%, while Brent crude oil prices have jumped 7.1% to $126.41 per barrel, the highest intraday level in four years.

This surge in oil prices is attributed to reports that President Trump is being briefed on new military options against Iran. The deployment of hypersonic missiles to the Middle East, as requested by U.S. Central Command, would mark the first time American forces have used such weapons in combat, exacerbating the conflict and contributing to the war premium.

As a result, the global benchmark for oil has been on a nine-day winning streak, with prices increasing by over 100% year-to-date. The cryptocurrency market has also been affected, with ether dropping 3.4% to $2,244 and XRP falling 2.1% to $1.37. Solana has lost 2.6% to $82.62, while BNB has shed 1.9% to $615.

The only notable exception is dogecoin, which has risen 3.8% on the day and 10.1% on the week to $0.10. Risk assets are experiencing losses across the board, with the Nasdaq 100 futures erasing earlier gains and European equities poised to drop 1% at the open.

The dollar has gained, and bonds have slid, as the surge in oil and a hawkish Fed have reduced demand for fixed income. Bitcoin's ability to withstand the early stages of the war is being tested, with the asset holding a tight band between $74,000 and $78,000 through April. However, each escalation headline has produced a sharper drawdown, and the cumulative damage is beginning to show.

According to Fernando Lillo, director at exchange Zoomex, any break above $80,000 would require the war premium to unwind, which would necessitate a resolution to the Middle East conflict and a drop in Brent crude oil prices below $100 per barrel. Lillo also flagged a possible scenario where the Trump administration lifts the blockade in coming days and frames it as a response to "positive steps by Iran" to engineer a relief rally, potentially triggering an accelerated influx of capital into risk assets and paving the way for Bitcoin to consolidate above $80,000 and move toward $85,000.