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Bitcoin slides as US-Iran tensions escalate
Bitcoin was down more than 2% on Tuesday and traded around $77,363 after renewed US strikes followed attempted attacks in the Strait of Hormuz.
Bitcoin fell on Tuesday as investors moved into risk off amid escalating attacks between the United States and Iran, according to Bitcoin Magazine.
The outlet said bitcoin slid after US forces began striking Islamic Revolutionary Guard Corps targets in Iran around noon ET, following recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members in the region.
Bitcoin Magazine reported that the attacks were linked to Iran’s attempted mine placement in the Strait of Hormuz and an attack on an American military base in Jordan, as cited by President Donald Trump, and that Iranian media described an Iranian response involving a decisive operation against US military bases.
The story also connected the selloff to a separate market move, saying oil surged and that bitcoin has tended to drop on war related headlines as higher energy costs can lift inflation expectations and, in turn, complicate rate cut timing that affects crypto liquidity.
Latest closeBitcoin $77,351.59 ▼1.5%