The cryptocurrency market loses billions of dollars amid statements about the closure of the Strait of Hormuz

Bitcoin price falls below $100,000. Markets brace for increased risk of disruptions.

UNN reports with reference to BeInCrypto.

Details

Following the recent US attack on Iranian nuclear facilities, as well as subsequent threats from Iran regarding retaliatory actions, and in particular the probable approval of the Strait of Hormuz - one of the most important transit corridors in the world - the cryptocurrency market reacted instantly.

According to current data, Bitcoin has fallen by more than 3% in the last 24 hours.

In addition to Bitcoin, also:

• Ethereum fell by 3.5% (below $2200);

• XRP dropped below $2 for the first time since April.

Over the past 24 hours, the volume of cryptocurrency settlements reached $876 million. According to analysts, this indicates a "deep sense of risk aversion."

Reference

Overall, according to preliminary analytical conclusions, the possible closure of the Strait of Hormuz could lead to consequences such as a sharp increase in oil prices. In this regard, here's what Leonid Kosianchuk, former president of the Association of Oil Product Market Operators, said in a comment to UNN:

Today no one can give you specific figures. Although, roughly, I can say that the price of oil, and not only futures, but also the physical price, can rise to 100 to 120 dollars per barrel. And this is a catastrophe for our consumer. Because if in Europe, for example, a consumer spends from 5% to 12% of his earnings on gasoline, fuel, then here it is more than 50%. I think that the Ukrainian oil product market will feel this by the end of the month. And then it will get even worse

Among the negative consequences for Ukraine:

 Gasoline and diesel will become more expensive; the price of gas will rise. For now, all this is probable.

If logistics become more expensive, then the price of all products will increase.

Recall

The Parliament of Iran recommended closing the Strait of Hormuz, through which 20% of the world's oil passes; now the decision must be made by the Supreme National Security Council of Iran.