Bitcoin drops toward $65k after new Trump Iran delay sends oil higher, triggering $200M wipeout
Bitcoin fell towards $65,000 due to rising oil prices and Treasury yields following a delay in Trump's plans regarding Iran, resulting in $200M in liquidations.Summary
Bitcoin experienced a decline, falling back towards the $65,000 level on Friday, as investors reduced their exposure to risk assets amid heightened Middle East tensions. These tensions drove up oil prices, pushed Treasury yields to multi-month highs, and strengthened the dollar. The price drop, nearly 5% to around $66,484, continues a pattern of Bitcoin struggling to maintain gains when faced with macroeconomic pressures. Approximately $200 million in crypto positions were liquidated, primarily affecting long traders.
The downturn was triggered by geopolitical factors, specifically President Trump's postponement of plans related to Iran's energy plants, extending the deadline for action. This announcement caused Brent crude to rise towards $110 a barrel, the US 10-year Treasury yield to climb to 4.456%, and the Nasdaq to remain in correction territory. Analysts note that Bitcoin is behaving more like a high-beta risk asset than a hedge against geopolitical stress, falling in line with technology stocks rather than rising with safe-haven assets like gold.
Contributing factors include a slowdown in inflows to US spot Bitcoin ETFs and a large options expiry event. The market now awaits alignment across key macroeconomic variables for a potential directional breakout, with Bitcoin currently trading within a $65,000–$72,000 range.
(Source：CryptoSlate)