Analysis: Bitcoin price drops below $100000, indicating safe haven sentiment on Wall Street affected by oil

According to a report by Golden Finance, or due to market concerns that Iran may block the Strait of Hormuz, Bitcoin fell below $100000 on Sunday, hitting its lowest level since May this year, XRP fell to its lowest level since early April, ETH fell to its level since early May, and SOL prices also fell sharply. The Strait of Hormuz is an important channel for global oil trade, carrying about 20% of the world's oil supply, leading to a rise in risk aversion on Wall Street. JPMorgan predicts that in this situation, oil prices may soar to $120-130 per barrel, which could raise the US inflation rate to 5%, the highest level since March 2023.