Bitcoin falls below $75K as Hormuz shuts
Bitcoin fell below $75,000 after the Strait of Hormuz effectively shut down, escalating geopolitical tensions between the US and Iran.
The closure halted tanker traffic through a route handling about 20% of global seaborne oil, while Iran rejected further negotiations with Washington.
“It appears that the Strait of Hormuz is now completely closed for the first time in history,”
Wrote The Kobeissi Letter.
US President Donald Trump threatened to strike Iranian infrastructure if Tehran refuses a deal, intensifying fears of further escalation.
Markets reacted with a risk-off move, as rising oil prices and inflation concerns pushed investors away from crypto and toward traditional safe-haven assets.
Bitcoin has been under pressure since late February amid the conflict, falling from above $100,000 earlier this year.
Traders are now watching futures markets closely as they reopen, with geopolitical developments expected to drive near-term price volatility.
At the time of reporting, Bitcoin price was $74,256.42.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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