Bitcoin’s price slipped below $ 100k, indicating risk -led oil on Wall Street while Iran looked to hinder Strait of Hormuz
Bitcoin
It fell below $ 100,000 on Sunday, its lowest point since May, the danger of avoiding Wall Street on Monday amid reports that Iran was leaning against the Strait of Hormuz.
The narrow, located between Oman and Iran, connects the Gulf of Persia along with the Gulf of Oman and the Arabian Sea, which holds about 20% of the global oil trade.
Reports of Iran politicians Mulling the closure of the narrow Do the observers remember a significant spike in oil prices early Monday.
“After the strike with us in Iran last night, 50+ large oil tanks scrambled to leave the narrow hormuz. The markets were closed, but an immediate supply collapse was expected to send prices higher. JP Morgan described it as their worst case in Israeli-Iran war,” the Kobeissi letter letter Says In X.
According to JPMorgan, the oil could advance to $ 120- $ 130 per barrel in that situation. That could be potential to lift US inflation rate at 5%, the highest since March 2023. At that time, the Federal Reserve increases interest rates.
BTC losses will weigh in on the wider crypto market, as usual, dragging major altcoins such as XRP, Sol, and ETH lower. The XRP dedicated to payments fell 6% to $ 1.935, the lowest since April 10. Ethereum’s ether token has slipped to levels seen in early May, according to CoinDesk data.
