Bitcoin fell below $83,000 to reach month-to-date lows as stocks reversed after all-time highs and bond yields spiked higher.

Bitcoin (BTC) fell further at Wednesday’s Wall Street open as oil prices gained on US-Iran war headlines and stocks came off all-time highs.

Data from TradingView showed BTC/USD dipping below $83,000, setting new month-to-date lows.

Mixed signals over oil traffic through the Strait of Hormuz pushed Brent crude oil to $102 per barrel on the day, while WTI crude reached $91.

An adviser to Iran’s Revolutionary Guards’ Commander quoted by Reuters on the day warned of a clampdown on traffic that it had “deemed illegal.”

“The Strait of Hormuz is ​closed, and the armed forces of the Islamic Republic of Iran ​have full control over it. This situation will continue until Iran’s legitimate demands are met,” he said.

US bond yields, highly sensitive to concerns about inflation and government debt loads worldwide, reacted with new 24-year highs. The 10-year and 30-year yields reached 5.36% and 5.73%, respectively.

At the same time, US stock markets headed lower after hitting fresh all-time highs on Tuesday. The S&P 500 traded down 0.6% on the day to 7,773 points.

Muhammad Qubbaj, co-head of North America interest rate product sales and trading at Goldman Sachs FICC and Equities, predicted that yields would “likely be under ongoing pressure amid elevated energy prices and subdued demand from institutional investors,” as reported on Tuesday.

He forecast in a webinar that rising oil prices would “likely be the key factor in longer-term interest rates.”

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