Bitcoin crashes to $68,000 as US threatens to “obliterate’ all Iranian power plants

Bitcoin experienced a sharp 2.8% drop, falling from around $70,400 to $68,200, after President Donald Trump posted a threat on Truth Social to "obliterate" Iran’s power plants if the Strait of Hormuz was not reopened within 48 hours. This move reversed a recent market trend where Bitcoin had been showing resilience and even attracting flows as a hedge against Iran-related geopolitical risk, as markets had begun pricing in a less aggressive trajectory. The sudden escalation in rhetoric, coming after a previous day where de-escalation possibilities were discussed, acted as a new, extreme trigger that Bitcoin repriced immediately as a fast transmission line for geopolitical shock. Structurally, the drop pushed Bitcoin back below the $70,000 level it needed to hold for a confirmed breakout, resulting in a failed test rather than a confirmed structural breakdown. The market's next move depends on whether Bitcoin can reclaim the $70,000 area; failure to do so suggests the recovery attempt is over, while success would frame the drop as a violent but temporary rejection driven by the weekend's escalation shock.

(Source：CryptoSlate)