Bitcoin and Ethereum drop nearly 2% at open amid U.S.-Iran tensions over Strait of Hormuz shipping routes.
Bitcoin (BTC-USD) opened at $75,829.41 on Wednesday, down 1.9% from Tuesday’s open, and fell further to $75,216 by 9:21 a.m. ET. Ethereum (ETH-USD) mirrored the decline, opening at $2,071.07 before slipping to $2,068 in early trading.
The declines follow a week of volatility, with Bitcoin down 1.2% over the past seven days and 3.6% over the past month. Ethereum’s performance has been similarly weak, reflecting broader caution among investors. Both assets remain sharply lower than their October 2025 peaks, with Bitcoin’s all-time high at $126,198.07.
Market sentiment has been dampened by ongoing U.S.-Iran negotiations over the Strait of Hormuz, a critical shipping lane. While a resolution could ease supply concerns, analysts expect oil prices to stay elevated, keeping risk assets under pressure.