Forex
US-Iran Tensions Spark Oil Price Surge, Weighing on Bitcoin
Bitcoin's price took a hit on Thursday due to renewed tensions in the Middle East.
The price of oil shot up past $105 a barrel after Iran signaled it would not back down against US forces, leading to some of the heaviest fighting since February.
This escalation in violence pushed the price of oil higher, which makes interest rate cuts less likely due to inflation.
Bitcoin has historically performed well in low-interest-rate environments and has experienced sell-offs when the Federal Reserve turns hawkish.