Crypto
Home›Crypto›Market Structure›Bitcoin slips below $63,000 as Hormuz tensions lift oi…
Bitcoin slips below $63,000 as Hormuz tensions lift oil and rates
Bitcoin was near $62,774 early Monday, with U.S. strikes starting July 12 at 5 p.m. ET and Brent up 4.7% to $79.59 a barrel.
Bitcoin fell below $63,000 on Monday, with CryptoSlate attributing the move to a mix of market drivers including thin weekend trading, fund flows, and crypto specific selling.
CryptoSlate said the timing aligned with another round of U.S. strikes against Iran tied to the Strait of Hormuz, after U.S. Central Command said the latest attacks began at 5 p.m. ET on July 12 targeting Iran’s ability to attack civilian mariners and commercial shipping. Reporting cited a dispute between Washington and Tehran over control of the waterway.
The crypto selloff also coincided with firmer traditional markets: Brent crude rose 4.7% to $79.59 a barrel and U.S. crude gained 4.8% to $74.85, while S&P 500 futures fell 0.6%, Dow futures dropped 0.4%, and Nasdaq futures declined 1.3%. CryptoSlate also noted the dollar gauge rose 0.1%, with the two year Treasury yield at 4.23% and the 10 year yield at 4.58%.
CryptoSlate said the nearest downside cushion was marked by Monday’s low near $62,565, warning that a sustained break below that level could make a move toward $60,000 more plausible if oil stays near $80 and yields keep rising. It added that prediction markets are pricing a 57.5% chance Bitcoin touches $60,000 during July, versus a 65% chance it touches $65,000.
Latest closeWTI crude $71.51 ▼0.8%|Brent $76.00 ▼0.4%|Bitcoin $62,968.46 ▼1.2%