Oil price surges 8% on Iran tensions: Five things to know in Bitcoin this week

Bitcoin preserved $70,000 at the weekly close as markets began reacting to a breakdown in US-Iran negotiations and blockade of the Strait of Hormuz.

Bitcoin (BTC) held $70,000 at the weekly close as markets reacted to a breakdown in US-Iran negotiations and escalating tensions around the Strait of Hormuz.

A breakdown in US-Iran negotiations sends oil surging above $100 per barrel, with the Strait of Hormuz now blockaded.

US PPI inflation data is due amid signs that the oil crisis is far from the only driver of price increases.

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