Analysis: Bitcoin Price Falls Below $100,000, Indicating Risk-Off Sentiment on Wall Street Due to Oil Influence
Possibly due to market concerns that Iran might blockade the Strait of Hormuz, Bitcoin fell below $100,000 on Sunday, hitting its lowest level since May this year. XRP dropped to its lowest point since early April, ETH returned to levels last seen in early May, and SOL prices also saw a significant decline. The Strait of Hormuz is a critical global oil trade route, accounting for about 20% of the world’s oil supply, which has heightened risk-averse sentiment on Wall Street. JPMorgan predicts that in such a scenario, oil prices could surge to $120–$130 per barrel, potentially pushing the U.S. inflation rate up to 5%, the highest since March 2023.
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