Live updates: Bitcoin flat near $63,500; lapsing US-Iran ceasefire revives the oil threat
Bitcoin remains stagnant near $63,500 as geopolitical tensions in the Middle East threaten global oil supplies. A potential supply shock from a blocked oil strait could increase inflation, complicating the Federal Reserve's monetary policy and impacting crypto market sentiment.
Why it matters
Geopolitical instability in oil-producing regions acts as a macro headwind for risk assets like Bitcoin by potentially reigniting inflationary pressures.
Only five cargo ships passed through the waterway on Saturday and none registered on Sunday, per Kpler data , against 31 the prior weekend.
Traffic is down about 90% from before the war began in February, through a strait that normally carries a fifth of the world's oil.
Tehran says it has struck a separate deal with Oman to reopen the strait, but only if the US lifts its naval blockade, per CNBC.
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