Bitcoin Dips Amid Rising Oil Prices and Iranian Conflict

Bitcoin struggled to hold onto gains from earlier in the week on Friday as conflict escalated in Iran. The cryptocurrency market remained stable, but rising oil prices due to geopolitical tensions pushed Bitcoin down 0.25% to $64,977 (BTC/USD). Ethereum and XRP also saw minor losses.

The price of crude oil benchmarks rose toward $100 due to the ongoing conflict between Iran and the United States, as well as surrounding countries neighboring the Strait of Hormuz. Brent crude oil is now past $96 per barrel, its highest point since mid-May.

Bitcoin's current trend may lead it to drop to $60,000 over the weekend if the bearish trend continues. The coin has been unable to reach a new high since October last year and has barely peaked above $100,000 in months.