Bitcoin Plummets Below $77K Amid US-Iran Conflict and Oil Price Surge

Geopolitical tensions between the US and Iran spilled over into cryptocurrency markets yesterday, sending Bitcoin below $77,000. The decline came after a near-3% surge in Brent crude oil to over $90 per barrel, with investors concerned about another energy-driven inflation shock.

The US-Iran conflict resumed on Sunday evening, with the US striking two Iranian launchers and Iran retaliating against military targets in Jordan. This increase in tensions led to a drop in Asian stock markets, with Japan's Nikkei falling by around 2%.

Bitcoin lost over $2,000 of its value, slipping below $77,000 in an hour. On-chain data showed that Wintermute transferred 5,100 BTC ($77,611) worth almost $400 million to Binance over the past two days, likely intending to sell.