<ul data-eligibleForWebStory="true"><li>Bitcoin's price has dropped below $100,000 for the first time since May 25th, marking a 4% decline in the past 24 hours and a 5.5% decrease over the past week.</li><li>This decline has led to a broader selloff in altcoins, resulting in nearly $1 billion worth of liquidated positions.</li><li>The US involvement in the conflict between Israel and Iran, with strikes on Iranian nuclear sites, has triggered Iranian Parliament's vote to close the critically important oil transit chokepoint, the Strait of Hormuz.</li><li>As a consequence, oil prices have surged nearly 1% in a day, raising concerns about inflation and economic instability.</li><li>Traders are responding by reducing risk exposure, and the extent of this market correction remains to be seen.</li><li>The situation underscores the interconnectedness of global events like geopolitical tensions and cryptocurrency market movements.</li></ul>

Bitcoin Price Crashes Below $100K as Iran Votes to Close Straits of Hormuz

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