The post This is Why Bitcoin is Dumping? appeared first on Coinpedia Fintech News
The crypto market just got hit hard, dropping to $3.12 trillion, while Bitcoin has plunged below the $100,000 mark, marking its lowest level since early May. This recent drop came in response to the escalating Iran-Israel war, with the U.S. stepping in between.
This has led Iran to close the Strait of Hormuz for the first time since 1972, triggering a sharp dip in Bitcoin’s price.
So, what’s the connection between the Strait of Hormuz and a crypto crash? Let’s break it down.
Geopolitical Tension Hits Bitcoin $100k
The most recent reason behind the bitcoin price crash was that Iran’s parliament has approved a move to block the Strait of Hormuz —a vital passage for about 20% to 30% of the world’s oil supply, which has rattled global markets.
While the decision hasn’t been finalized yet, if closed, then the shipments of 20 plus million barrels of oil per day will be affected and
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