Bitcoin hit $71,230 late Wednesday night before the negative news broke, and fell nearly $2,000 in a matter of hours.
VTS dipped below $69,500 amid attacks on tankers, sending the price of oil above $100.
Bitcoin fell to $69,393 on Thursday morning, down 0.8% in the past 24 hours and 4.3% for the week, after attacks on two oil tankers in Iraqi waters caused the price of Brent to rise above $100 a barrel.
The act wiped out Wednesday’s optimism surrounding the IEA’s proposed record reserve release and reintroduced a risk avoidance mood in Asian markets.
This is the third time in two weeks that bitcoin has crossed the $71,000 mark but then retreated due to escalating conflict in the Middle East.
At the time of writing, VTS quotes were around $69,880.
