Crypto
US-Iran Conflict Sends Bitcoin Price Plummeting Below $77,000
US airstrikes on Iranian targets near the Strait of Hormuz sent shockwaves through global markets, causing Bitcoin to plummet below $77,000. The strikes were confirmed by President Trump as retaliation for Iran's failed sea mine attempt.
The escalating tensions between the US and Iran heightened geopolitical risks, pushing Brent crude oil prices above $94 a barrel amid fears of supply disruptions.
Rising oil prices increased inflation concerns, which in turn lowered chances of near-term US interest rate cuts. This negatively impacted risk assets like Bitcoin, causing it to drop below its key support level of $77,000.