On Monday morning, the crypto market took a turn for the worse. The rally that saw Bitcoin reach $68,000 over the weekend quickly dissipated, and early in the morning, it lost about 1% of its value, dropping to $66,700, pulling down other major coins like Ether and Solana as well. Ether fell by 2.5%, while Solana's weekly loss reached 8%. XRP also declined by 3.6%. The real issue in the market, however, is the activity in traditional markets. Oil prices surged up to 6%, with tensions in the Strait of Hormuz reflecting the impact of the US-Iran conflict. Gold rose to $5,350 per ounce, and stocks declined. The sharp rise in energy prices is fueling inflation concerns and delaying the Fed's interest rate cuts. Liquidity is tightening, and risk assets are under pressure. Still, some crypto traders find the excessive concern premature. According to Jeff Mei, Chief Operating Officer of BTSE, Iran's isolation from the global financial system and the sufficient capacity of OPEC and the US regarding supply could limit downside risks. However, the reality depends on whether the Strait of Hormuz reopens and how long the conflict lasts. Negotiation signals are mixed. While the Wall Street Journal reports a recent move, an Iranian security official said they will not negotiate. Trump has stated that the campaign will continue until the targets are achieved. In this environment of uncertainty, crypto continues to be traded as a risky asset. A strategy firm bought about 535 Bitcoin last week, spending approximately $43 million, at an average of $80,340. While such institutional purchases are a positive signal, it is difficult to predict which direction the market will take in the short term given the current macro uncertainty. Whether oil prices stabilize or not seems to be the most important indicator in the coming days.