Bitcoin, cryptos under pressure as oil spikes 6% and global markets price in U.S.-Iran conflict

Bitcoin fell back to $66,700 as traditional markets opened to their first chance to price the weekend's military escalation, with oil surging to $77 and Asian equities dropping 1.4%. What to know : Bitcoin's weekend rally faded as the token fell about 1 percent to roughly $66,700 on Monday, retracing most of its bounce after Iran's leadership change. Broader cryptocurrencies declined alongside bitcoin, while oil prices spiked and global equities slipped as markets reacted to the U.S.-Iran conflict and the closure of the Strait of Hormuz. Higher energy prices are stoking inflation fears that could delay Federal Reserve rate cuts and pressure risk assets, though some crypto traders argue downside may be limited if oil supplies remain stable.