Bitcoin fell nearly 3% to the $62,000 range, dragging the total crypto market cap down to $2.24 trillion and triggering over $322 million in liquidations.
Bitcoin Tumbles Amid U.S.-Iran ClashesFollowing earlier strikes in the week, the U.S. military upped the ante Sunday, striking more than 100 targets across Iran. The U.S. maintains the strikes were in response to Iranian attacks on shipping vessels transiting the Strait of Hormuz. In addition to the strikes, some media reports suggested the U.S. military was contemplating a blockade on Iranian ports.
Iran, which rejects the allegations, launched retaliatory strikes targeting U.S. bases and installations across five Gulf countries, including Qatar and Tehran’s ally Oman. Iran insists Washington is violating a memorandum of understanding (MoU).
Following the latest escalation, oil prices jumped 4.5%, with the global benchmark Brent crude breaching the $80-per-barrel mark. According to analysts, market concern is expanding beyond crude oil prices, with investors increasingly focused on disruptions to global refining capacity and fuel supply chains. Ongoing conflicts have affected refinery operations across the Middle East and, recently, key global shipping routes in the Russia-Ukraine region.
