Global financial markets are once again in turmoil as tensions in the Middle East directly impact oil and crypto prices.
At the time of writing, Bitcoin is currently at $66,487, down 0.03% since it opened early Monday in Asian trading.
In just a few minutes on Sunday, Bitcoin fell nearly 2% as oil prices surged, sparking concerns about global energy supply disruptions.
When the US futures market opened, Bitcoin, which was around $66,960, fell to $65,725 before recovering slightly to around $66,272.
The fall coincided with a surge in oil prices from around $95 to $113.7 a barrel, driven by concerns that the regional conflict could disrupt the world's main oil supply routes.
Iraq has warned that around three million barrels of oil a day could be disrupted if Iran's threat to tankers in the Strait of Hormuz materializes.
The route is one of the world's most important oil trade routes, prompting markets to react quickly.
The surge sent oil prices to their highest levels since the Russia-Ukraine conflict, although they later cooled slightly to around $105 a barrel.
Meanwhile, US President Donald Trump described the rise in oil prices as temporary and believed the market would quickly stabilize as global oil supplies were still sufficient.
