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Iran Blocks Oil Access, Bitcoin Falls to US$99,000
Bitcoin fell 3.50% in the last 24 hours to US$99,000 after Iran closed the Strait of Hormuz, where one-fifth of the world's crude oil is obtained in the region. The closure of this area is predicted to drive oil prices soaring, causing market turbulence.
Altcoin sees further weakness. Ether becomes the biggest loser in crypto, with a 10% drop to US$2,161, Solana down 9.48% now priced at US$127.17, Dogecoin and Cardano down 9.14% each priced at US$0.1460 and US$0.5234, and XRP dropping to US$1.935 in the last 24 hours.
Previously, Iran stated that it was reluctant to engage in diplomacy and decided to visit Russian President Vladimir Putin to discuss this conflict. US Vice President JD Vance remarked that any efforts made by Iran to disrupt navigation through the Strait of Hormuz would backfire on its economy.
"I think it would be a suicidal act for the Iranians themselves. I mean, their entire economy runs through the Strait of Hormuz. This is Iran's decision, but why are they doing that? I think it doesn't make sense for them or anyone else," Vance said at the Meet the Press event on NBC.