The post Bitcoin fell to $98K after Iran moved to shut the Strait of Hormuz appeared on BitcoinEthereumNews.com.

Bitcoin dropped under $99,000 on Sunday after Iran moved to close the Strait of Hormuz, cutting off one of the world’s main oil transport routes. The decision followed U.S. airstrikes on Iranian nuclear facilities, escalating an already tense situation. The impact was immediate. Ethereum collapsed by 10%, trading at $2,180, while XRP slid by 8%, landing at $1.93. The total market reacted with sharp volume spikes, liquidations, and uncertainty that’s not going away anytime soon. The Strait of Hormuz, which sits between Iran and Oman, handles a quarter of global oil exports. Iran’s parliament, reacting to the U.S. military action, backed a proposal to block the channel. Source: Axios The parliament doesn’t control the Strait, that power belongs to the military and security forces, but the threat was still enough to shake global markets. ClearView Energy Partners warned that oil prices could open “meaningfully above” the $77.01 per barrel Friday close unless the U.S. and its allies make diplomatic moves. Crypto tanks across the board as Iran stirs oil chaos According to Reuters, the shutdown announcement came after the U.S. bombed several of Iran’s nuclear sites, triggering one of the strongest reactions yet in the long-running standoff between Iran and Israel. If this plays out, it’ll be the first time the conflict actually affects global oil flows. The crypto market took it hard. In the last 24 hours alone, Bitcoin saw $47.7 billion in volume as traders moved fast. The coin is now down 6.3% this week, with its market cap at $1.96 trillion. Ethereum, which was already struggling, is now down 14.3% over 7 days, with $29.5 billion in daily volume. XRP, hit by both the geopolitical shock and its usual regulatory baggage, is down 10.7% on the week with a $114 billion market cap. Solana, sitting at $128.65,…

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Filed under: News - @ June 22, 2025 7:13 pm