Global Cryptocurrency Market Declines Amid Escalating US-Iran Tensions

The global cryptocurrency market has faced significant turmoil due to the ongoing tensions between the United States and Iran. The situation has caused a substantial decline in the value of Bitcoin, with the price dropping to $67,372.87. This marked an approximately 11.30% decrease compared to its March peak of $75,954.03.

The reason behind this downturn is largely attributed to concerns about the expansion of war between the two nations. On 21st local time, U.S. President Donald Trump issued a warning that he would devastate Iran's power plants unless the Strait of Hormuz was fully opened. This statement has led to increased uncertainty in the market, causing investors to reassess their positions.

The impact on mining profitability has also been substantial. According to Check-On Chain, Bitcoin's average production cost (per unit) is approximately $88,000 as of 13th local time. This represents a significant increase compared to the current trading price of Bitcoin, leading to losses for mining companies. In response, major mining companies have started shifting their focus towards artificial intelligence (AI) data centers.