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Major cryptocurrencies, including bitcoin, largely held their gains near record levels on Tuesday even as global equity markets and other risk assets came under pressure. The outlook for both crypto and equities is increasingly tied to macro signals, including rising oil prices, higher Treasury yields, renewed U.S.-Iran tensions, and a key U.S. inflation report due Tuesday.
Bitcoin traded just over $81,000 in Asian morning hours Tuesday after briefly touching $82,026 overnight. Solana (SOL) and DOGE were among the day’s standouts, up as much as 2%. BNB added 1.7% to $662, XRP was up 0.9% to $1.46, while ether fell 0.8%.
Investor Michael Burry, known for calling the 2008 housing collapse, warned in a Substack post that the Nasdaq 100 is trading at 43 times earnings—well above an implied level of around 30 times. He compared the current setup to “the scene of the bloody car crash, minutes before it happens,” and pointed to a parabolic surge in tech valuations.
Burry highlighted the Philadelphia Semiconductor Index’s 70% rally since the end of March as a centerpiece of what he described as a parabolic surge. He advised investors to take profits and reduce exposure to the AI trade.
“Wall Street may be overstating by more than 50% the earnings at our fastest growing, most highly valued companies,” Burry wrote.
Brent crude rose almost 1% to above $105 a barrel after President Donald Trump cast doubt on the ceasefire with Iran in remarks Monday, raising concerns that closure of the Strait of Hormuz could be prolonged. The Treasury 10-year yield climbed to 4.42%, and the U.S. dollar strengthened against all its Group-of-10 peers on haven demand.
Equity markets across Asia retreated from recent highs. South Korea’s Kospi slid as much as 5.1% intraday after a top policymaker proposed paying citizens a dividend funded by taxes on AI profits, triggering sharp swings as investors assessed the proposal’s scope. MSCI’s Asia Pacific index swung between gains and losses, while European futures pointed to a 0.6% loss at the open.
In the U.S., futures edged lower after the S&P 500 closed at a record high Monday, capping a six-week winning streak that gained more than 16%—the strongest run since the global financial crisis.
Bitcoin’s price action is likely to be tested later Tuesday as investors watch the U.S. inflation print. The report is expected to show how much war-driven price pressures have fed through to consumer prices, which could influence expectations for Federal Reserve interest-rate decisions.
A hot inflation reading, combined with the backdrop of fresh Iran tensions and Burry’s warning, could increase pressure on the AI-trade thesis supporting the equity rally. A softer print would likely leave room for risk assets, including crypto, to extend gains into another week.
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