[Bitop Review] Bitcoin Falls Below 74K, Former US Defense Secretary: US and Iran Unlikely to Reach Agreement Before Deadline

The recent geopolitical situation in the Middle East has once again triggered high attention in the global financial markets, especially regarding shipping safety in the Strait of Hormuz. Military friction between the United States and Iran in this maritime area has escalated, leading to frequent attacks and seizures of commercial vessels. At the same time, the current ceasefire agreement between the two sides is about to expire this week, but peace talks have stalled due to divergent positions. Former US Secretary of Defense Mark Esper pointed out that it is extremely difficult for the two sides to reach an agreement within the next 48 to 72 hours. Oil prices have surged by more than 7% again, and Bitcoin has also fallen below 74K from its high of 78K last Friday.

Conflict Escalates in the Strait of Hormuz

As a global energy chokepoint, the Strait of Hormuz has recently become the core area of military wrestling between the US and Iran. Due to attacks on commercial vessels in the Strait of Hormuz, the United States and Iran are on the brink of war again, causing crude oil prices to soar.

Iran attacked an oil tanker in the Strait of Hormuz on Saturday. According to CNBC, Iranian Revolutionary Guard gunboats opened fire on the oil tanker, and a container ship was hit by unidentified projectiles.

On Sunday, the US Navy opened fire on and seized an Iranian cargo ship attempting to break through the blockade. Trump threatened again on Sunday that if Iranian leaders do not accept an agreement with the US, he will blow up all of Iran's power plants and bridges. Trump stated that Iran's weekend attacks on vessels completely violated the ceasefire agreement.

Former US Defense Secretary: US and Iran Unlikely to Reach Agreement Before Deadline

With the US-Iran ceasefire agreement set to expire this week, diplomatic mediation between the two sides faces severe challenges. The peace talks originally scheduled to be held in Pakistan broke down due to Iran's protests against the US military blockade. Former US Secretary of Defense Mark Esper pointed out that it is extremely difficult for the two sides to reach an agreement within the next 48 to 72 hours. He emphasized that the two countries still have major, insurmountable differences on three core issues: the development of nuclear enrichment technology, the return mechanism of nuclear fuel, and the future control of the Strait of Hormuz.

International Crude Oil Prices Rise, Bitcoin Falls Below 74K

Affected by the turbulence in the Middle East, crude oil prices have risen significantly. US West Texas Intermediate (WTI) crude futures for May delivery rose 7% to 89.83 per barrel; Brent crude futures for June delivery also rose nearly 5.8% to 95.59 per barrel. Bitcoin also fell below 74K from its high of 78K last Friday.

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