Bitcoin Crashed Below $100,000 Amid US Airstrikes On Iran And Market Sell-Off
Bitcoin (BTC) fell below $100,000 for the first time in over a month, dropping to around $99,300, a decline of approximately 4%. Ethereum (ETH) experienced a sharper decline of nearly 10%, contributing to a total cryptocurrency market drop of about 7% within 24 hours. This downturn coincided with US airstrikes on Iran and escalating geopolitical tensions, following a UN report on Iran's nuclear program. President Trump’s social media comments and previous tariff announcements contributed to market volatility. Bitcoin had previously surged to over $100,000 in February but fell to nearly $75,000 in April. By late Sunday, Bitcoin showed signs of recovery at approximately $101,300. Iran's threats to block the Strait of Hormuz could drive oil prices up to $130 per barrel, impacting US inflation. Bitcoin's correlation with tech stocks has increased, and institutional investment in Bitcoin ETFs saw over $1 billion inflows before tapering off. The market faced forced liquidations exceeding $1 billion, primarily from long positions, exacerbating the sell-off.
