Hormuz Uncertainty Sinks Bitcoin as Oil Prices Soar

Bitcoin's price slipped below $64,500 on Monday after a weekend of gains as markets digested uncertainty over the Strait of Hormuz.

The Strait, a critical oil shipping route, remained closed, with Iran's deputy speaker, Ali Nikzad, stating that 'the opening of the Strait of Hormuz has no military solution.'

This led to a 5% surge in US WTI crude oil prices to $80.90 per barrel.

The Japanese yen also continued its decline against the US dollar, hitting 159 on Monday and nearing the psychological boundary of 160.

Economist Mohamed El-Erian warned that more decisive government policy action from Japan would be required to stem the yen's decline.

Despite institutional inflows into Bitcoin totaling $865 million last week, analysts remain cautious about market strength.