Hormuz Closure Threat Raises Geopolitical Risk Premiums Amid US-Iran Tensions

The global cryptocurrency market capitalization has decreased by 0.45% to $2.19 trillion, according to CoinMarketCap data.

Bitcoin (BTC) is trading between $63,641 and $64,504, with a current price of $63,828, representing a 0.69% decline over the past 24 hours.

The Strait of Hormuz closure threat has increased geopolitical risk premiums, despite Bitcoin's muted response to the news.

The Hormuz closure declaration by the IRGC comes amidst escalating US-Iran tensions following an attack on a Cyprus-flagged container ship and three US airstrikes on Iran this week.