The cryptocurrency market has been very unusual these past few days; just watching the candlestick charts is useless, as all the market fluctuations are driven by news events.

The key reason is that negotiations between the U.S. and Iran have failed. Last week, negotiations in Islamabad ended without an agreement, and Trump immediately announced a blockade of the Strait of Hormuz, causing oil prices to soar to around $100.

Iran also proposed a response, requiring oil tankers passing through the strait to pay tolls using cryptocurrency, charging $1 per barrel, payable in Bitcoin or RMB. A country using cryptocurrency to evade sanctions is a first in the crypto world, and the impact is far greater than short-term price fluctuations.

Bitcoin is currently around $74,600, and its recent movements are entirely driven by news about the U.S.-Iran situation. When tensions ease, prices go up; when negotiations stall, prices fall. It’s a market driven purely by news, with no fixed trend.

When trading contracts, everyone must not hold onto bullish expectations; pay close attention to news, understand the messages before acting. The above is just information sharing and not investment advice! #币圈