Iran Conflict Sends Oil Prices Soaring, Weighing on Bitcoin

America's conflict with Iran led to a price increase in oil, causing Bitcoin to drop nearly 1% to $79,700. The US Central Command confirmed on Saturday that it had attacked three Iranian oil tankers located off the coast of Halak Island, near Jask, and in the Arabian Gulf.

The attack could make inflation more severe, making it difficult for central banks, including the Federal Reserve, to lower interest rates. Additionally, last week's stronger-than-expected US employment data reinforced expectations of a Fed rate hike, but former President Trump suddenly called for a rate cut on Truth Social, saying that 'a strong nation means lower interest rates.'

This uncertainty may dampen the risk appetite for Bitcoin and other markets. Meanwhile, at midnight Sunday night, the Liquid Network, used by exchanges as a settlement layer, was attacked and lost $320 million.