Bitcoin slid below $63,000 after U.S. forces struck Iran for a third time in a week and Tehran moved to shut the Strait of Hormuz. Oil jumped, and traders now brace for Tuesday's June inflation print.
Bitcoin is trading around $63,000, down 2% over the last 24 hours, the move landing alongside a weekend of renewed conflict in the Middle East and a sharp jump in oil.
U.S. Central Command said its forces began launching more strikes against Iran over the weekend, the third round in a week. Iranian state media reported explosions along the country's southern coast, including the energy hubs of Bushehr and Asalouyeh and the port cities of Bandar Abbas and Bandar-e Dayyer.
Tehran responded by declaring the Strait of Hormuz, the chokepoint for roughly a fifth of the world's oil, closed until further notice. Vessel-tracking data showed traffic through the strait well below normal, though some movement continued during Asian trading hours.
Against that backdrop, Brent crude surged 4.5% when futures reopened Sunday evening. The move echoed early March, when Iran first closed the strait and Brent jumped past $100 a barrel for the first time in four years before later peaking near $120.
Elsewhere in crypto, the picture was mixed. Ether hovered near $1,800, up 1.7% over seven days, while XRP changed hands at $1.09 and Solana lagged at $76, down 5% for the week.
The next catalyst arrives Tuesday, when the Bureau of Labor Statistics is set to release the June consumer price index at 8:30 a.m. Eastern time. Fed Chair Kevin Warsh had already described inflation as still "too high" earlier this month. A sustained rise in energy prices would complicate the case for rate cuts, a potential headwind for risk assets, bitcoin included.
Source: Bitcoin.com News
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