The price of Bitcoin plummeted to $99,800 following the Iranian parliament's approval of a proposal to close the Strait of Hormuz. This decision came in the wake of the U.S.'s bombing of Iran's nuclear facilities the previous day. Final approval now rests with the Supreme National Security Council, leading markets to brace for an increased risk of energy supply disruptions. Given the Strait's critical role in the global oil supply chain, such a macroeconomic shock could significantly impact the cryptocurrency market.

In addition to Bitcoin, Ethereum fell by 4% below the $2,200 mark, and XRP dropped below $2 for the first time since April. Over the last 24 hours, crypto liquidations reached $950 million, indicating a strong risk-off sentiment among investors. The Strait of Hormuz handles nearly a quarter of the world's oil shipments, so its closure would immediately tighten global energy supplies.

A surge in oil prices could exacerbate inflationary pressures and delay central bank rate cuts. Consequently, higher energy costs would have a cascading effect on economies worldwide. Consumers would face steeper fuel bills, while businesses would struggle with increasing transportation and production expenses. In response, investors tend to seek refuge in safer assets like U.S. Treasuries and the U.S. dollar, causing capital to be withdrawn from riskier assets such as cryptocurrencies.

Moreover, energy-induced inflationary pressures would pose challenges to the Federal Reserve's 2% inflation target. If the Fed signals further monetary tightening, real yields might rise. Historically, higher real yields have negatively affected Bitcoin by increasing the opportunity cost of holding non-yielding assets.

The recent sell-off in the crypto market reflects broader market stress. Liquidations were concentrated in long positions across Bitcoin and Ethereum. Rising volatility indices (VIX) and widening Treasury yield spreads signal tighter risk budgets. Additionally, hedge funds and retail traders often employ leverage in the crypto market. Sharp price movements can trigger margin calls, amplifying downward price swings. With leverage metrics currently high, further downside remains possible if uncertainty persists.

Simultaneously, the strength of the U.S. dollar typically correlates with the weakness of cryptocurrencies. A significant increase in the U.S. Dollar Index could deepen Bitcoin's losses, potentially driving it towards the $95,000 level.

Traders should monitor three key developments closely:

In summary, Iran's potential closure of the Strait of Hormuz raises macroeconomic risks for the crypto market. If approved, sustained pressure on Bitcoin and the broader digital asset market is expected until geopolitical clarity and energy stability are restored.

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