- Bitcoin fell sharply after a heightened US-Iran geopolitical clash over the Strait of Hormuz and a failed nuclear deal.
- Oil prices surged over 9% as US futures opened, highlighting the market volatility from the escalating conflict.
- Despite the recent drop, Bitcoin’s price has increased since the US-Iran war began in late February.
- President Trump “confirmed the blockade” and blamed Iran for refusing to end its nuclear weapons program.
Bitcoin dropped below $71,000 on Sunday after the US announced a naval blockade of the crucial Strait of Hormuz, following the collapse of peace talks with Iran. President Donald Trump stated the talks failed because Iran would not compromise on its nuclear program, the only issue he said that “really mattered.”
Consequently, the cryptocurrency’s price fell to $70,623 as US futures markets opened late Sunday. Meanwhile, oil prices shot up 9.5% to $105 per barrel within half an hour, reflecting the high volatility seen since the conflict began. The dispute over the strait, which handles a fifth of global oil trade, has caused significant financial market disruption over the past six weeks.
However, Bitcoin has still risen approximately 7.4% since the US-Iran conflict started on February 28. It has also outperformed traditional assets like the S&P 500 and Gold during this period of geopolitical tension.
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