Bitcoin falls below $100K amid the threat of Iran closing the Hormuz Strait

Bitcoin has decreased by more than 3% in the last 24 hours, which occurred against the backdrop of a collapse in the altcoin market, reducing the cryptocurrency economy's capitalization by $90 billion to $3.07 trillion. Over the weekend, the cryptocurrency market lost more than 4%, with significant influence from altcoins.

Comment:

The drop in Bitcoin's price below $100K amid political factors, such as the threat of Iran closing the Hormuz Strait, highlights the vulnerability of the crypto market to geopolitical events. It also emphasizes the role of altcoins in the overall market dynamics. Investors should closely monitor the political situation's developments, as it may affect the market's future behavior.