Bitcoin and Gold Plummet Amid US-Iran Tensions
The cryptocurrency market is experiencing a downturn, with Bitcoin falling below $79,000 and mirroring the broader market's bearish outlook. The Crypto King was rejected near $81,500 last Thursday, suggesting investor exhaustion.
The US-Iran exchange strikes over the weekend weighed heavily on both Bitcoin and Gold. The US military struck three Iran-linked oil tankers in the Gulf of Oman, disabling two and destroying one. In retaliation, Iran targeted three US-affiliated vessels and three additional oil tankers attempting to transit the Strait of Hormuz.
Gold is pressing against its near-term $4,400 support, as investors focus on the upcoming US Consumer Price Index (CPI) data on Friday. The market is pricing in 60% odds that the Federal Reserve will adopt a stricter monetary policy, raising interest rates in the 3.75%-4.00% range.