Bitcoin Falls to $70,000 Range After US Moves to Close Strait of Hormuz, Oil Jumps
Summary
- Bitcoin (BTC) fell after the US move to close the Strait of Hormuz, sliding into the low $70,000 range.
- As tensions between the US and Iran intensified and market volatility increased, West Texas Intermediate surged to $105 a barrel.
- Even so, Bitcoin has gained about 7%% since the US-Iran conflict intensified, showing relative strength against major traditional assets.
Forecast Trend Report by Period
Bitcoin fell into the low $70,000 range after the US moved to close the Strait of Hormuz.
Cointelegraph reported on July 12 that Bitcoin dropped as low as $70,623 intraday. It extended its decline after slipping about 1.9% immediately following President Donald Trump's formal announcement of the closure after talks with Iran collapsed.
Losses widened after US futures markets opened. Bitcoin was down about 2.7% on the day, while international oil prices surged. West Texas Intermediate rose about 9.5% within about 30 minutes of the open, reaching $105 a barrel.
The drop was driven by broader market volatility as tensions between the US and Iran intensified. The Strait of Hormuz is a key route for global oil shipments, with about 20% of the world's crude passing through it. Concerns over control of the waterway can ripple across energy prices and financial markets.
Even so, Bitcoin has held up relatively well during the latest conflict. Since the US-Iran clash began to intensify, it has gained about 7%, outperforming major traditional assets over the same period.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
![[Today’s Key Economic and Crypto Events] US March Existing Home Sales Due](https://media.bloomingbit.io/static/news/brief_en.webp?w=250)
