Bitcoin Plummets as US Strikes Send Oil Prices Soaring
Bitcoin's price has plummeted to $76,926.53, down 2.2% in the past day, as US forces struck Iranian targets near the Strait of Hormuz, causing oil prices to surge to their highest level in 40 days.
The move has sent shockwaves through global markets, with Japan's Nikkei tumbling 2.7%, erasing an estimated ¥31.8 trillion ($202 billion) in market value.
South Korea's annual inflation came in at 3.1%, slightly below the 3.2% forecast, but failed to offset the broader risk-off mood sweeping through Asian and global markets.
Total crypto market cap has slipped to $2.7 trillion, down 1.4% on the day, with Ethereum falling to $2,395.12 (down 3.0%) and XRP dropping to $1.33 (down 3.7%).
Analyst Ali Charts points out that Bitcoin's current price structure bears similarities to its 2023 bottoming pattern, where it tested resistance three times before breaking out on a fourth attempt.