Bitcoin Battles Hormuz Closure, US Inflation as $63,000 Returns

Bitcoin climbed back above $63,000 on Thursday, with BTC/USD touching local highs near $63,200 on Bitstamp and trading more than 2.5% higher on the day. The move came even as geopolitical tensions rose after reports that Iran had closed the Strait of Hormuz “until further notice,” and as oil jumped above $91 per barrel.

The situation intensified after US warnings of action on Iranian infrastructure. President Donald Trump said Iran would be hit "very hard" and posted that Washington would at some point take "Kharg Island, and other oil infrastructure points, and assume total control of their Oil and Gas Markets." The day before, he said Washington “controls” Hormuz.

Markets were also contending with US inflation data.

Iran, Hormuz

bitcoin, btc, bitstamp, hormuz, iran, kharg island, crude oil, oil markets, us inflation, donald trump