Bitcoin Price Tumbles Below $77,000 Amid US-Iran Conflict

Bitcoin's price tumbled below $77,000 on Tuesday after US military strikes targeted Iranian targets in the Strait of Hormuz. The operation, carried out by American forces, aimed to counter recent attempted attacks against commercial vessels and US military personnel.

The strikes sent shockwaves through global markets, with crude oil prices surging above $90 per barrel. This development is particularly concerning for Bitcoin investors as higher energy costs can fuel inflation data and influence Federal Reserve policy.

Bitcoin's price had been holding near $78,000 earlier in the day but quickly fell to around $76,762 after reports of the strikes emerged. Ethereum also declined, dipping below $2,400 during the market downturn.