Geopolitical tensions push up oil prices, putting global risk assets under pressure. Bitcoin is currently fluctuating in the $73,000-$75k range, with multiple slight pullbacks following tension news. The entire crypto market cap also fluctuates with oil prices.

In the medium to long term, it is a potential big positive: past experience shows that once a ceasefire is reached or the strait reopens, oil prices quickly fall back, risk appetite instantly recovers, and Bitcoin has once surged 4-5% in a single day, with the total market cap soaring by $70 billion. Bitcoin has repeatedly demonstrated resilience amid uncertainty. If the current negotiations go smoothly, Bitcoin is likely to return to the $75,000-$80k range, and altcoins will rise even more sharply.