Bitcoin Slumps Below $65K Amid Fading Strait of Hormuz Hopes
The price of Bitcoin has stalled below $65K as hopes for a resolution to the Strait of Hormuz crisis have faded. US President Donald Trump demanded 50 years' compensation from Iran, causing oil prices to surge above $89.
This news pushed crypto and equity markets into a subdued state ahead of Wednesday's crucial U.S. CPI inflation report, which is expected to influence Federal Reserve interest rate expectations.
The XRP price also faces pressure, nearing a drop below $1 for the first time this year.