According to Lark Davis, a cryptocurrency analyst, 20 million barrels of oil pass through the Strait of Hormuz daily. This means that the equivalent of two million dollars worth of Bitcoin could be used in the strait each day. Davis points out that this is equivalent to 270 times the amount of Bitcoin that Salvadorans buy daily.


The US-Iran war has caused fluctuations in the price of Bitcoin. After President Trump announced a two-week ceasefire, the price of Bitcoin rose significantly and has maintained its gains so far. At the time of writing this report, Bitcoin was priced at $70,849, recording an increase of over 4% during the day.
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