The cryptocurrency market experienced a tumultuous week, with several significant events contributing to its volatility.
Rising tensions between the United States and Iran near the Strait of Hormuz created uncertainty across global markets. The US Navy reported that Iranian forces fired missiles at a U.S. vessel, while the UAE accused Iran of targeting an oil tanker using drones.
The geopolitical situation led to increased volatility in oil prices and cryptocurrency markets, with investors becoming cautious due to fears of wider regional conflict.