BTC, ETH, XRP Update: Bitcoin Dips Under $100K, Signaling Oil-Driven Caution on Wall Street as Iran Moves to Restrict Access to the Strait of Hormuz.
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Bitcoin fell below $100,000 on Sunday, its lowest point since May, indicating risk aversion on Wall Street on Monday amid reports that Iran is considering blocking the Strait of Hormuz. The Strait, situated between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea, and handles approximately 20% of the global oil trade.
Concerns arose as Iranian politicians deliberated the closure of the Strait, leading observers to worry about a significant spike in oil prices early Monday. "After US strikes on Iran last night, over 50 large oil tankers scrambled to leave the Strait of Hormuz. Although markets have been closed, an immediate drop in supply is expected to drive prices higher. JPMorgan described this as their worst-case scenario in the Israel-Iran conflict," reported The Kobeissi Letter on X.
According to JPMorgan, oil could surge to $120-$130 per barrel in such a scenario, potentially increasing the U.S. inflation rate to 5%, the highest since March 2023. At that time, the Federal Reserve was raising interest rates.
The losses in Bitcoin weighed heavily on the broader crypto market, as usual, dragging major altcoins such as XRP, SOL, and ETH lower. The payments-focused XRP slipped 6% to $1.935, marking its lowest since April 10. Ethereum's ether token also fell to levels not seen since early May, according to CoinDesk data.
