Iranian Parliament Approves Strait of Hormuz Closure Measure – Coincu

The Iranian Parliament has approved a measure to close the Strait of Hormuz, but the final decision awaits the Supreme National Security Council’s confirmation. This move comes amid rising tensions following US airstrikes on Iranian sites.

The parliamentary approval of the Hormuz closure has implications for global energy and cryptocurrency markets, causing a risk-off sentiment and significant asset sell-offs.

Iranian Vote on Hormuz Spurs $1B Crypto Liquidation

Following US airstrikes, the Iranian Parliament voted to approve the closure of the Strait of Hormuz, a key oil transit route. The final decision now rests with Iran’s Supreme National Security Council, as they hold authoritative power over national security matters. “However, the final authority on the matter rests with Iran’s Supreme National Security Council, which must approve the closure before it is enacted.” source

The crypto market has reacted sharply to the news, with Bitcoin dropping under $99,000 and substantial liquidations occurring. The potential closure of Hormuz is expected to significantly impact global oil supplies, prompting investor caution. You can check the latest insights on cryptocurrency trends and news.

The lack of direct statements from key opinion leaders in crypto and international regulatory bodies highlights the ongoing uncertainty. Market participants remain cautious as geopolitical tensions unfold. “Nearly $1 billion in liquidations occurred in the past 24 hours, highlighting significant leveraged position closures due to heightened risk.” source

Historical Trends in Geopolitical Tensions and Crypto Shifts

Did you know? In past geopolitical tensions, the Strait of Hormuz’s potential closure led to significant global oil price increases, mirroring current crypto market reactions.

According to CoinMarketCap, Bitcoin’s price stands at $101,203.13 with a market cap of 2.01 trillion. The 24-hour volume reached $63.01 billion, reflecting a 1.12% drop. The asset shows a 16.33% gain over the past 90 days.

Insights from Coincu suggest that elevated energy prices may drive further capital shifts away from cryptocurrencies towards safe havens. These shifts could continue unless there’s a decisive diplomatic breakthrough, reflecting insights from the US energy statistics and analysis for specific regions.