Bitcoin has done the unthinkable by dropping below $100,000 after a 40 plus day run near all time highs. The sudden dump in price occurred after Iran’s parliament approved plans to close the Strait of Hormuz after the U.S. destroyed three key nuclear sites at the Iran sites of Fordow, Natanz and Isfahan in Operation Midnight Hammer.
The Strait of Hormuz lies between Oman and Iran and is the primary export route for oil producers such as Saudi Arabia, the United Arab Emirates, Iraq and Kuwait. It is considered one of the world’s most important oil chokepoints. Oil prices are expected to rise over $100.