The closure of the Strait of Hormuz caused oil prices to surge, stock markets to drop, and the Federal Reserve Chair nominee hearing became the focus. Bitcoin price fell back from $78,400 to the $74,000-$75,000 range, with a significant impact from the CME gap; bearish views are based on geopolitical risks and weakening technicals, while bullish views emphasize chip structure and buying support. Ethereum market: Under pressure due to the broader market pullback and the DeFi hacking incident.