Bitcoin has taken a nosedive, falling below the $100,000 mark for the first time since May 25th. The prominent cryptocurrency recorded a 4% drop in the last 24 hours and a 5.5% decrease over the past week.
The bearish market trend has triggered a widespread sell-off among altcoins, resulting in almost $1 billion worth of liquidated positions, as per CoinGlass statistics.
As reported by CryptoPotato, the US has entered the ongoing conflict between Israel and Iran, with strikes on three key Iranian nuclear sites. Following this action, several media outlets suggest that the Iranian Parliament has voted to shut down the Strait of Hormuz, a vital oil transit chokepoint globally.
This political move has led to a sudden surge in oil prices, with an increase of nearly 1% in a day, sparking international concerns about inflation and potential economic instability. Traders are seemingly moving towards risk aversion, and it remains to be seen how far this market correction will go.
