Oil prices surge 6%, global markets price in US-Iran conflict, Bitcoin and cryptocurrencies under pressure

Jinse Finance reported that Bitcoin's weekend rebound faded, with the token falling about 1% on Monday to around $66,700, essentially giving back the gains made after the leadership change in Iran. As Bitcoin weakened, other major cryptocurrencies also declined in tandem; oil prices surged and global stock markets slipped as the market reacted to the US-Iran conflict and the closure of the Strait of Hormuz. Rising energy prices are intensifying inflation concerns, which could delay the Federal Reserve's rate-cutting process and put pressure on risk assets. However, some crypto traders believe that if crude oil supplies remain stable, the downside may be limited.