The U.S. Senate voted Wednesday to restrict President Trump's authority to launch military action against Iran, sending Bitcoin above $77,200 for the first time this month. XRP, Ethereum, and Solana followed the rally higher. Treasury yields and oil prices slipped, signaling a broader shift toward risk-on assets.
The Senate vote
Lawmakers passed a resolution that requires congressional approval before the president can order offensive military operations against Iran. The bill, backed by a bipartisan majority, is seen as a check on executive war powers that have been a flashpoint since Trump's first term. Supporters argued the move lowers the risk of a sudden conflict in the Middle East.
Market reaction
Bitcoin climbed to roughly $77,200 within hours of the vote, recovering ground lost in recent weeks. Ethereum, XRP, and Solana each posted gains of 4% to 7% in the same window. The rally wasn't limited to crypto — a drop in Treasury yields and a slide in crude oil prices reinforced the narrative that traders were pricing in reduced geopolitical risk.
The timing isn't trivial. Crypto markets had been under pressure amid uncertainty over trade policy and Fed rate signals. A sudden de-escalation in the Middle East gave bulls a reason to step in.
What the bond and oil moves tell us
Ten-year Treasury yields fell about 8 basis points, while West Texas Intermediate crude slipped below $72 a barrel. Lower oil prices tend to ease inflation fears, which historically supports speculative assets like cryptocurrencies. The Senate vote didn't eliminate all risk — Iran could still retaliate through proxies — but it removed the near-term threat of a direct U.S.-Iran military clash.
For now, traders are betting that the reduced war premium will keep risk appetite alive. Whether that holds depends on the White House's next move. Trump hasn't indicated whether he'll veto the resolution, but the Senate's margin was wide enough to override one.
