'A whole civilization will die': Crypto markets under pressure as Trump ups rhetoric towards Iran

Weekend gains for bitcoin have been mostly erased ahead of the president's Tuesday night deadline for the reopening of the Strait of Hormuz

What to know:

• President Trump's Tuesday evening deadline for Iran to reopen the Strait of Hormuz is nearing and risk markets are under pressure.
• "A whole civilation will die," said the president on Tuesday morning.
• The military objectives of the Iran war have been completed, said Vice President J.D. Vance.

After topping $70,000 on Monday, bitcoin BTC$68,240.40 has pulled back to the $68,000 area as time draws near for President Trump's Tuesday deadline for Iran to reopen the Strait of Hormuz.

"A whole civilization will die tonight, never to be brought back again," said Trump in a Tuesday morning Truth Social Post. "I don't want that to happen, but it probably will," he continued. "We will find out tonight, one of the most important moments in the long and complex history of the world."

Alongside declines in crypto, U.S. stock index futures are poised to open lower, led by the Nasdaq 100's 0.65% decline. WTI crude oil is higher by 1.7% to $114.22 per barrel.

Tempering declines across markets were comments from vice president J.D. Vance, who — while reiterating the 8 pm ET deadline — said the military objectives of the Iran war have been completed.

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