#MarketPullback #IsraelIranConflict Bitcoin price falls below $100,000, oil-led risk signal on Wall Street ...

Bitcoin price fell below $100,000 on Sunday, its lowest level since May, and it is related to concerns about Iran closing the Strait of Hormuz,

The Strait of Hormuz is a key passage for global oil trade that manages about 20% of the world's oil supply,

The possibility of Iran's political leadership closing the passage has created uncertainty in the market and is feared to sharply increase oil prices,

The Strait of Hormuz is located between Oman and Iran and connects the Persian Gulf with the Gulf of Oman and the Arabian Sea,

More than 50 large oil tankers tried to leave the Strait of Hormuz after US air strikes, indicating that oil supplies could be disrupted,

JP Morgan described the situation as the most likely scenario of a possible war between Israel and Iran The worst-case scenario is that oil prices could reach $120 to $130 per barrel, pushing US inflation to 5%, the highest since March 2023.

The news also affected Bitcoin and other cryptocurrencies, with XRP hitting its lowest level since April, while Ethereum also fell to May levels.

The crypto market saw a widespread downturn, due to rising geopolitical risks globally and a potential increase in energy prices.

According to a report by Omkar Godbole, this situation has reinforced the risk-aversion strategy on Wall Street, which has made investors more cautious.

Overall, the volatility in cryptocurrency prices is likely to continue in view of the global oil market and geopolitical tensions ...

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