BTC Drops While Oil Soars on Hormuz Tensions

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USOIL just jumped to a multi-week peak at over $105.

Bitcoin’s attempt to overcome $78,000 ahead of today’s FOMC meeting was halted in its tracks, perhaps due to the latest reports on the war against Iran, and the asset dipped by $1,500 in minutes.

At the same time, oil prices surged once again, with USOIL jumping to $105 for the first time since April 13. This came shortly after reports emerged claiming that the US President Donald Trump had discussed with US oil companies the possibility of extending the naval blockade of the Strait of Hormuz.

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