Wall Street Risk-Off Fueled by Oil Pressures Bitcoin Below $100K

Bitcoin Dips Below $100K Amid Rising Geopolitical Risks; XRP, ETH, and SOL Also Slide

Bitcoin fell below $100,000 on Sunday, marking its lowest level since early May as market sentiment turned cautious ahead of Monday’s Wall Street open. The decline came amid reports that Iran is contemplating closing the strategic Strait of Hormuz.

This vital waterway, situated between Oman and Iran, links the Persian Gulf to the Arabian Sea and handles roughly 20% of global oil shipments.

Concerns about a potential blockade have heightened fears of a sharp rise in oil prices in the coming days.

“Following U.S. strikes on Iran overnight, more than 50 large oil tankers rushed to exit the Strait of Hormuz. Although markets were closed, the risk of immediate supply disruption is expected to push oil prices higher. JPMorgan has called this its worst-case scenario amid the Israel-Iran conflict,” The Kobeissi Letter noted on X.

JPMorgan analysts forecast oil prices could spike to $120-$130 per barrel, potentially driving U.S. inflation to 5% — a peak last seen in March 2023 during Fed rate hikes.

The fallout weighed on the broader crypto market, with major altcoins like XRP, SOL, and Ethereum’s ETH also taking losses. Payments-focused XRP dropped 6% to $1.935, its lowest since April 10, while ETH declined to early May levels, according to CoinDesk data.