Hormuz Strikes Send Crypto Markets into Free Fall

The cryptocurrency market experienced extreme volatility on Friday, October 1, as Bitcoin's price soared to near $87,000 before plummeting back to its starting point of around $84,000.

This sudden drop was triggered by a series of tanker attacks in the Strait of Hormuz, including one reported by the UK Maritime Trade Operations (UKMTO) on Friday, which stated that an oil tanker had been hit by a projectile, causing a small fire and temporary blackout. The agency did not name the vessel or attacker but reports pointed to Iran.

Binance data shows that Bitcoin's price rejected near $87,000 for the third time in two weeks, with some traders speculating that the cryptocurrency cannot clear this level while the strait remains under threat.