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After Trump blocked the Strait of Hormuz, the cryptocurrency market will face intense volatility in the short term.
Oil prices surged to the $100-150 range, boosting inflation expectations and decreasing the likelihood of Federal Reserve rate cuts, leading to a sell-off in risk assets.
Bitcoin has fallen below $71,000, dropping over 2-3% within 24 hours, with mainstream coins like Ethereum also following the decline.
Geopolitical risks have amplified safe-haven sentiment, causing panic selling in the short term, and volatility has soared.
However, in the medium to long term, Bitcoin, as "digital gold," may attract some funds for hedging, and whales have already accumulated at low levels.
If the conflict quickly eases and oil prices fall back, the crypto market may rebound; otherwise, it will remain under pressure.
Overall: Risk appetite has decreased, with a predominantly bearish outlook in the short term.