Bitcoin Slumps Amid US-Iran Tensions
Bitcoin's price dropped over 2% on Tuesday to $77,363 following escalating tensions between the US and Iran. The spike in oil prices and renewed geopolitical risk triggered a 'risk-off' move that reduced liquidity supportive of crypto and weighed on adoption and market momentum.
The largest cryptocurrency initially shrugged off President Donald Trump's threats to the Middle Eastern nation, as well as the first strikes, but things heated up on Tuesday with the US launching strikes against Iranian targets in response to attacks on commercial ships and an American military base in Jordan.
According to U.S. Central Command, Iran had attempted attacks against commercial shipping in the Strait of Hormuz and against American service members deployed to the region.