Bitcoin Stalls as Oil Spike and CPI Data Loom
Geopolitical Shockwaves Disrupt Crypto RecoveryThe cryptocurrency market found itself in a precarious position on July 11, 2024, as geopolitical tensions in the Middle East reignited inflation fears that directly threatened Bitcoin's recent upward trajectory. The U.S. government abruptly reinstated a blockade against Iranian vessels navigating the strategic Strait of Hormuz, a move that immediately shattered the fragile peace established by a June agreement. This decision triggered a 20% fee on alternative cargo routes and sent Brent crude oil prices surging nearly 2.8%, pushing the benchmark to approximately $85 per barrel for the second consecutive day. The sudden escalation in energy…
