Hormuz Closure Jitters Hit Crypto Market Amid Fed Testimony and Bank Earnings

The global cryptocurrency market capitalization has dipped by 0.45% to $2.19 trillion, according to CoinMarketCap data.

Bitcoin (BTC) is trading within a narrow range of $63,641 and $64,504 over the past day, with its current price at $63,828, down by -0.69%.

The market volatility comes as the Strait of Hormuz has been declared closed to all traffic due to an attack on the M/V GFS Galaxy and a third US strike on Iran this week, reigniting geopolitical risk concerns.

Fed Chair Kevin Warsh's semiannual testimony before Congress next week will be closely watched for any monetary policy clues, amidst peak bank earnings season and regional Fed speakers weighing in on economic conditions.