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I've noticed that the decline of cryptocurrencies has accelerated in recent days. Bitcoin is testing 81K, Ethereum is retreating to 2.34K, and even Solana, which looked healthy, is slipping to 95.50. All this while Brent crude oil is soaring to levels not seen in four years. Apparently, tensions in Iran are reigniting fears about the Strait of Hormuz, creating a war premium on crude that keeps climbing, climbing.
The thing is, as long as oil remains high and geopolitical tensions in the Middle East don't ease, the fall of cryptocurrencies is likely to continue. Analysts say that Bitcoin would struggle to surpass 80K without a pullback in Brent below $100 per barrel. XRP holds at 1.45, BNB at 654, but overall, the entire risk asset sector is taking a hit right now.
The only one doing somewhat better is Dogecoin, which is gaining ground. But yeah, for the others, the situation really needs to calm down over there for us to see a real rebound. Otherwise, the decline of cryptocurrencies will continue.