Bitcoin's price fell below 100 million won. The drop came as military clashes between the United States and Iran intensified and concerns grew about a U.S. interest rate hike.
According to CoinMarketCap on the 4th, at 8:21 a.m. that day, Bitcoin was at $64,435 (99.88 million won), down 3.14% from a day earlier. It is the first time since Apr. 2, when the aftermath of the U.S.-Iran war persisted, that Bitcoin's price in won has broken below 100 million.
Major altcoin prices are also weak. Ethereum fell 2.23% from a day earlier to $1,819, and Solana was traded 2.71% lower at $71.67. Ripple (XRP) is down 0.6% at $1.19.
In the early hours of the day (local time), the Islamic Revolutionary Guard Corps (IRGC) of Iran attacked the U.S. Air Force base in Kuwait and the U.S. Navy 5th Fleet base in Bahrain. The move was in retaliation for recent U.S. strikes on Iran's radar facilities and oil tankers.
As the U.S.-Iran clashes continued, Brent crude futures rose 1.9% from the previous session to $97.81 a barrel, and West Texas Intermediate (WTI) futures gained 2.4% to $96.02 a barrel.
Expectations for U.S. interest rate cuts are also fading. Lori Logan, the Dallas Federal Reserve Bank president and a prominent hawk at the Federal Reserve (Fed), said on the 3rd that "there is growing concern that higher rates may be needed."