Bitcoin Falls Below $100,000 Amid Oil Supply Concerns
Bitcoin fell below $100,000 for the first time since May amid risk aversion in the market due to geopolitical tensions. Key points include:
- Reports of Iran considering blocking the Strait of Hormuz raised concerns over oil supply disruptions.
- The Strait handles approximately 20% of global oil trade.
- JPMorgan warned oil prices could rise to $120-$130 per barrel, potentially increasing U.S. inflation to 5%.
- Bitcoin's decline affected major altcoins, with XRP dropping 6% to $1.935 and Ethereum reaching early May levels.