Iran-US Conflict Sends Bitcoin Price Tumbling Below $78K
Bitcoin's price plummeted below $78,000 at the start of the week as tensions between the US and Iran escalated. The number one cryptocurrency dropped in value in response to renewed geopolitical risks, including a strike by US forces against Iranian positions in the Strait of Hormuz.
The incident occurred on Sunday, when the US struck two Iranian rocket launchers positioned on Larak Island in the Strait of Hormuz. Washington claimed that the launchers were preparing to launch sea mines into the waterway.
US President Donald Trump also shared an AI-generated video of explosions on Kharg Island, which is Iran's main oil export terminal. However, there was no confirmation of a strike on the island itself.
The conflict had a ripple effect on global markets, with Brent crude breaching the $90 per barrel barrier and Japanese stocks falling by 2%.