Bitcoin Tumbles Amid Escalating US-Iran War
Bitcoin prices plummeted below $64K on Friday as tensions between the US and Iran escalated. The cryptocurrency fell by over 1% in a short span of time amid a sudden spike in oil prices, which rose above $85 per barrel.
The surge in oil prices is attributed to the ongoing US-Iran war, with the US and Israel discussing a potential land blockade on Iran to intensify economic pressure. The proposal involves diplomatic pushes on neighboring countries to restrict or close border crossings, limiting Iran's imports and exports.
Iran has struck two oil tankers attempting to cross the Strait of Hormuz, claiming that they did not respond to Iranian warnings. The IRGC has declared that the Strait is CLOSED, and any passage will be possible only in coordination with Iranian naval forces.