Cryptocurrency Market Slumps Amid US-Iran Conflict and Rising Oil Prices

The cryptocurrency market has been impacted by the ongoing US-Iran conflict, with oil prices rising significantly and global markets experiencing uncertainty.

Bitcoin's price dropped to $66,702 in early Monday trading, marking a 1.1% loss over the past 24 hours. The broader crypto market also saw losses, with Ether falling 2.5%, solana dropping 4.1%, and XRP losing 3.6%. The weekly numbers show that solana has led major losses, down 8.1%.

The significant rise in oil prices is attributed to the closure of the Strait of Hormuz, which accounts for roughly a fifth of the world's oil supply. Brent crude surged by 13% at the open before settling around $77.50, a 6.4% increase. This has led to inflation expectations and tighter liquidity conditions, affecting risk asset prices.