Bitcoin Price Plummets Amid Escalating US-Iran Tensions

The global cryptocurrency market experienced a significant downturn over the weekend as tensions between the US and Iran intensified. Bitcoin, which had previously reached its highest price since early February, dropped below $74,000 on Sunday due to the rising hostilities.

The situation escalated when the US military seized an Iranian cargo ship, claiming it tried to run their blockade of Iranian ports. Tehran responded by accusing the US of violating a ceasefire agreement and vowing to retaliate. The seizure has put pressure on the two-week ceasefire, which is set to expire on Wednesday.

As a result of the rising tensions, oil futures surged over 4.5% to $95 per barrel. US stock futures also declined amid the hostilities, with S&P 500 and Nasdaq-100 futures falling by around 0.8% and 0.6%, respectively.