A dramatic turn of events unfolded in the cryptocurrency market on Monday, as bitcoin's price plummeted to $79,074 after reaching an intraday high of $80,594. This sudden drop was triggered by a report from Iran's Fars news agency, which alleged that two missiles had hit a US patrol boat near Jask Island. The news led to a spike in oil prices, with Brent crude surging over 5% to above $113 a barrel. However, the US promptly denied the report, stating that no American ship had been struck.
Despite the denial, bitcoin's price held its decline, reflecting the market's concerns about the fragility of the current ceasefire. Other major cryptocurrencies, including Ether, Solana, and Dogecoin, also experienced declines, although some managed to hold onto their gains. The incident occurred amid escalating tensions between the US and Iran, with the US announcing plans to escort ships through the Strait of Hormuz and Iran responding by extending its claimed maritime borders.