Bitcoin dips to $70.6K, oil rises after US announces Hormuz blockade
Cointelegraph
Bitcoin fell to $70,623 and oil prices surged 9.5% after the US announced a blockade of the Strait of Hormuz following failed peace talks.Summary
Bitcoin's price dropped to $70,623 following President Donald Trump's announcement of a US blockade in the Strait of Hormuz. The escalation occurred after peace talks with Iran collapsed over disputes regarding the country's nuclear program. Concurrently, oil prices experienced a sharp 9.5% increase to $105 per barrel as markets reacted to the potential disruption of a vital global shipping route. Despite recent volatility, Bitcoin has maintained a 7.4% gain since the conflict began in late February, outperforming traditional assets like the S&P 500 and gold.
(Source：Cointelegraph)