Bitcoin drops below $69,200 as Trump gives 48-hour ultimatum on Iran power plants
Bitcoin fell below $69,200 due to Trump's ultimatum to Iran, triggering $299 million in crypto liquidations.Summary
Bitcoin experienced a 2.2% drop, falling to $69,192, after U.S. President Donald Trump issued a 48-hour ultimatum to Iran regarding the reopening of the Strait of Hormuz. Trump threatened attacks on Iran's power plants if the strait wasn't opened to commercial shipping, escalating tensions dramatically. This threat reversed the market's previous confidence in de-escalation, leading to $299 million in liquidations, with long positions bearing the brunt of the losses at 85%. Other major cryptocurrencies also declined, with Ether, XRP, BNB, Solana, and Dogecoin all experiencing losses. The market now awaits the deadline, with the prospect of strikes on civilian energy systems looming if Iran doesn't comply. Despite stabilizing spot prices, investors are paying record prices for downside protection, indicating a defensive market sentiment.
(Source：CoinDesk)