US-Iran Conflict Sends Shockwaves Through Global Markets

Global markets took a hit as tensions between the US and Iran escalated over the weekend. The renewed strikes led to a 2% loss in Bitcoin's value, pushing its price below $63,000.

The cryptocurrency market saw a decline of 0.94% to $2.17 trillion as leveraged positions unwound. Long liquidations surged by 169.83% in 24 hours, indicating the rate at which bullish positions were pushed out in the sell-off.

The Strait of Hormuz was closed until further notice by Tehran, leading to a price increase in Brent crude as traders evaluated risks on supply. The upheaval also put strain on key digital assets, with OIL prices rising 4%.