Bitcoin falls below $63,000 as markets give Hormuz traffic just 3% chance to normalize by August
Bitcoin fell below $63,000 as renewed U.S.-Iran conflict lifted oil prices, pushed Treasury yields higher, and revived inflation concerns tied to the Strait of Hormuz. Bitcoin traded near $62,940, down about 1.4%, while Ethereum, XRP, and Solana also slipped. Roughly $252.9 million in crypto positions were liquidated, mostly leveraged longs, as the market moved with broader risk assets rather than acting as a safe haven. Brent crude rose as much as 4% toward $80 a barrel on fears of supply disruption, which could keep inflation elevated and delay Federal Reserve rate cuts. Higher yields and a stronger dollar also pressured Bitcoin and gold by raising the opportunity cost of non-yielding assets. Asian markets saw severe losses, especially in South Korea, where the KOSPI plunged 9.2% amid a sharp semiconductor selloff.
