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Bitcoin Slumps Amid US-Iran Tensions Over Strait of Hormuz Closure Threat

Guavy AI Editorial Team
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BTC
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Bitcoin's price dropped below $64,000 after briefly rising above $65,000 due to renewed US-Iran tensions. The Strait of Hormuz closure threat escalated geopolitical risks and pushed Bitcoin down about 1.78% in 24 hours.

The uncertainty also weakened the broader crypto market, with over $50 million in long positions liquidated.

Meanwhile, oil prices rose due to the strategic importance of the Strait, while investors await upcoming US inflation data that could further impact markets.

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