JUST IN: U.S. considering actions on Qeshm Island to pressure Iran over Strait of Hormuz. Could impact geopolitical risk premium for crude-linked crypto markets and related macro bets. $BTC $ETH

Bitcoin declined 2.68% this week, falling to $70,538, as hawkish signals from the Federal Reserve overshadowed a landmark regulatory ruling in the United States. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly classified 16 major crypto assets, including Bitcoin and Ethereum, as digital commodities, ending a decade of regulatory uncertainty. However, the Federal Reserve's decision to hold rates steady while raising inflation expectations triggered a sharp market reaction, with Bitcoin long positions liquidating over $142 million in a single day, and the total cryptocurrency market capitalization falling to $2.42 trillion. Analysts point out that cryptocurrencies have a 92% correlation with gold, highlighting their role as an inflation hedge tool amid macroeconomic pressures.