Scott Bessent says China will quietly pressure Iran to reopen Strait of Hormuz

U.S. Treasury Secretary Scott Bessent said on Thursday that China is expected to press Iran privately to reopen the Strait of Hormuz because Beijing, which buys a huge amount of crude, has more at stake than the United States. The comment underscores a heightened geopolitical oil supply risk that could ripple into markets and indirectly affect crypto adoption and risk sentiment, potentially influencing token-linked energy plays, CEX and DEX trading volumes, and demand for crypto as an alternative asset.