Bitcoin slipped 0.8% to $68,525.1, falling below $69,000 as risk appetite weakened over Trump's Iran deadline.
Oil prices surged above $110 per barrel amid Strait of Hormuz disruptions, heightening inflation concerns and pushing investors to the U.S. dollar.
Altcoins fell sharply, with Ethereum down 1.5% to $2,103.92, Cardano over 4%, and Solana, Polygon each dropping 3% respectively.
Upcoming U.S. March CPI report is expected to push inflation higher, keeping interest rates elevated and adding a headwind for Bitcoin.