Bitcoin Threatens to Break Support as Trump Threatens to Destroy Iran
Why it matters: Trump's 8 p.m. ET deadline could trigger military action, impacting global oil supply and potentially dropping Bitcoin to $55,000.
- President Trump issued an 8 p.m. ET deadline for Iran to reopen the Strait of Hormuz, threatening destruction if demands are not met, a move that international groups like the International Committee of the Red Cross warn could lead to war crimes.
- Bitcoin fell 2% to $68,117, with a triple-pattern breakdown on its daily chart suggesting a potential drop to $55,000, as prediction market traders on Myriad assign a 57% chance of this decline.
- Oil prices surged, with WTI crude above $115 and Brent above $110, marking a more than 70% rise in 30 days due to the Strait of Hormuz closure, while S&P 500 futures fell 0.4% and Nasdaq 100 futures dropped 0.6%.
President Trump's ultimatum to Iran, demanding the reopening of the Strait of Hormuz by 8 p.m. ET or face destruction, has sent shockwaves through global markets, with Bitcoin dropping 2% to $68,117 and oil prices surging over 70% in 30 days. While prediction markets on Myriad give Bitcoin a 57% chance of falling to $55K, they also suggest a low probability (24.1%) of the Iranian regime falling by October, indicating expectations of a prolonged conflict or a diplomatic resolution.
