On Sunday, Bitcoin fell below $100,000, which is its lowest value since May. This occurred against a backdrop of concerns regarding potential actions by Iran to block the Strait of Hormuz, a major oil transit route that accounts for approximately 20% of global oil supply.

Key Points:

• Bitcoin’s drop signals a risk-off sentiment on Wall Street.
• XRP, Ethereum, and Solana also recorded declines.
• The situation arises as Iranian politicians ponder the closure of the Strait, raising fears of skyrocketing oil prices.

Market analysts from JPMorgan suggest that oil prices could escalate to $120 - $130 per barrel in the event of disruption, possibly causing inflation rates in the U.S. to reach 5%.