Bitcoin Crashes to 7-Week Low as Iran Tensions Escalate and Oil Prices Soar

Bitcoin's price plummeted to a seven-week low on Monday, reaching $71,300 after a nearly 3% drop in the last 24 hours. This comes amidst escalating geopolitical tensions between Iran and the US.

The Strait of Hormuz, a critical shipping route, is at risk of being blocked by Iran following reports that Tehran has halted indirect communications with Washington and is considering a complete closure of the strait.

Oil prices surged over 7% in response to the development, with Brent crude rising above $97 per barrel. The United States Oil Fund (USO) also gained more than 7% in morning trade.

Retail traders on Stocktwits are focusing their frustration on Strategy chairman Michael Saylor's sale of 32 BTC last week for approximately $2.5 million, which some view as a contributing factor to the weakness in cryptocurrency markets.