Bitcoin briefly dropped below $71,000 while oil prices spiked after the United States announced a blockade of the Strait of Hormuz, escalating tensions with Iran and rattling global markets.
Trump escalates threats against Iran as invasion odds spike on Polymarket and markets react.
Bitcoin’s rebound during the Iran conflict highlights shifting market dynamics, with liquidity, dollar strength, and potential supply disruptions shaping price action.
Crypto withdrawals from Iran’s largest exchange surged following US-Israeli airstrikes, before internet blackouts sharply reduced activity.
Iranians are increasingly withdrawing bitcoin to personal wallets as protests intensify and the rial continues to collapse amid economic stress.
Protests in Tehran followed a sharp collapse in the rial, drawing renewed attention to Bitcoin as a potential hedge against currency instability, according to Bitwise CEO Hunter Horsley.