8 PM After-Hours Flash: Bitcoin Drops 3% on Middle East Tension | Trump-Xi Talk on Iran Oil Sanctions | Powell Named Fed Chair Pro Tempore

Bitcoin breaking lower as risk sentiment sours with the crypto market now fully reflecting renewed geopolitical tension in the Middle East. Bitcoin is trading at 79061 dollars down 3 percent over the past 24 hours while Ethereum follows with similar losses... this move comes as traders price in fresh uncertainty after President Trump said he spoke with China's Xi about lifting sanctions on Chinese companies that buy Iranian oil and both leaders agreed the Strait of Hormuz must remain open. In the Asian market that development is being watched closely as Monday opens in Asia with focus on whether any sanction relief materializes and what it means for global oil flows. Crude traders are on edge because any disruption in the Strait would send energy prices sharply higher adding a geopolitical risk premium on top of existing supply concerns. In the US market the Federal Reserve has named Jerome Powell as chair pro tempore until Kevin Warsh is sworn in as the new head of the central bank giving some continuity at the Fed ahead of next week's policy meetings. SPX is trading at 7408.50 down 1.23 percent on the session while the VIX has jumped to 18.43 up more than 5 percent as options traders brace for volatility. Russell's Morning Outlook is back Monday... stay with VixShield. I am your VixShield news reporter.