Analysis: Bitcoin Price Drops Below $100,000, Suggesting Risk Avoidance on Wall Street Affected by Oil

Or because the market is worried that Iran may block the Strait of Hormuz, Bitcoin fell below $100,000 on Sunday, setting the lowest level since May this year, XRP fell to the lowest level since early April, ETH fell to the level of early May, and SOL prices also fell sharply. The Strait of Hormuz is an important channel for global oil trade, carrying about 20% of the world's oil supply, leading to a rise in risk aversion on Wall Street. JPMorgan forecasts that oil prices could surge to $120-130 a barrel in this case, which could push US inflation to 5%, the highest level since March 2023.