As the risk of U.S.-Iran conflict rises, Bitcoin prices are declining amid soaring international oil prices. According to CoinMarketCap, Bitcoin was trading at $65,141 as of 8 a.m. on July 24, down 1.3% from the previous day.
This drop is attributed to heightened tensions in the Middle East and a spike in oil prices. The U.S. has conducted airstrikes on Iran for 12 consecutive days, and President Donald Trump has hinted at the possibility of a large-scale attack on Iran.
In an interview with Axios on July 23, President Trump stated, "We are on the verge of making a decision (to attack), and we are fully prepared."
As geopolitical crises escalate, international oil prices have surpassed $100 again. September futures for Brent crude closed at $100.69 per barrel, up 7.04% from the previous session. Meanwhile, September futures for West Texas Intermediate (WTI) crude rose 6.17% to $92.19 per barrel.
Rising oil prices typically lead to inflation and interest rate hikes, which in turn dampen demand for risk assets like Bitcoin.
In line with these concerns, major altcoin prices are also trending downward. Ethereum fell 0.03% to $0.99, while Solana dropped 2.37% to $0.19. XRP is trading at $1.11, down 2.66%.
At the same time, on the domestic exchange Bithumb, Bitcoin was trading at 95.47 million won (approximately $64,663), up 0.44% from the previous day. The so-called 'Kimchi Premium' indicates that domestic prices are lower than international prices, currently showing a negative 0.59%.
* This article has been translated by AI.
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