Bitcoin Prices Plummet as Oil Surges to Four-Year High

Bitcoin's price fell by 2.1% to $75,633 yesterday due to rising oil prices and potential US military action against Iran. The Strait of Hormuz has been closed since late February, affecting the flow of crude oil.

The closure has led to a surge in oil prices, with Brent crude reaching a four-year high of $126.41 per barrel. This has had a negative impact on Bitcoin's price, which is now down 3% on the week and $50,000 below its all-time high.

Other cryptocurrencies also saw losses, with Ether dropping by 3.4% to $2,244 and Solana losing 2.6% to $82.62. Dogecoin was the only top-10 token outside of stablecoins to post a gain, rising 3.8% on the day.

Analysts believe that Bitcoin's price needs Brent crude to drop below $100 per barrel and Middle East tensions to ease before it can break above $80,000.