If the US Takes Control of the Strait of Hormuz, What Happens to Bitcoin and Oil Prices?
- US President Donald Trump claims to have taken control of the Strait of Hormuz.
- Oil prices surged toward $85 following Donald Trump’s Strait of Hormuz ownership claims.
- Bitcoin’s price could surge or decline, depending on the dynamics of developments.
The ongoing war between the US and Iran has had prolonged global economic consequences. The direct effect on oil prices rippled across multiple sectors, with the cryptocurrency market taking a significant hit.
Bitcoin has struggled since the war began, with its price responding to the fluctuating narratives that dominated the period. Signs of potential peace in the region triggered a drop in oil prices, with consequential repercussions for Bitcoin’s price, and escalations triggered the opposite, with oil prices surging and Bitcoin moving in the opposite direction.
Trump’s Territorial Claim Over the Strait …
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