Bitcoin’s rise on Sunday didn’t last very long. After the leadership change in İran, the price—having climbed to $68,000—pulled back on Monday morning and is currently trading at around $74,600. The overall crypto market is also under pressure in the same way; Ethereum has fallen to $2,300, and Solana has dropped to $84. XRP is at the $1.36 level.

What’s the problem? Oil prices had risen. With tensions in the Strait of Hormuz, Brent crude surged by 6.4%, the biggest jump since 2022. Rising energy costs are fueling inflation expectations, which could delay the Fed’s interest-rate cut plans. As risky assets, cryptocurrencies are also affected by this situation. Gold fell to $5,350, and traditional equities had declined.

However, some market participants say it’s important not to be overly pessimistic. While İran has long been isolated from the global financial system, oil supply can be stabilized by OPEC and the US. If the Strait of Hormuz opens and the tension eases, it’s possible that the downside risk for crypto may be limited. But for now, the market is trading amid uncertainty.

Bitcoin also looks weak technically. It failed to break through the $76,000 resistance level and is currently fluctuating around 100 Turkish lira. On one of the major exchanges, funding rates for Bitcoin futures have been negative for 46 days, indicating selling pressure. In short, geopolitical uncertainty and inflation concerns continue to squeeze the crypto market.