Bitcoin Tumbles Below $77K as US-Iran Conflict Escalates
Bitcoin's price plummeted below $77,000 on Monday morning after a brief surge above $79,000 over the weekend. This sudden drop is attributed to renewed geopolitical tensions between the US and Iran, which have been escalating for nearly a month.
The recent attacks by both countries led to a sharp increase in Brent crude prices, with a near-3% surge to over $90 per barrel. The higher oil prices are particularly concerning following Federal Reserve Chairman Kevin Warsh's hawkish speech at Jackson Hole on Friday.
Ethereum also suffered a significant decline, plummeting from over $2,500 to under $2,400 in an hour. According to Lookonchain, a whale or institution deposited almost 41,000 ETH (worth over $100 million) onto exchanges, which is typically a sign of selling.