Bitcoin Drops Below $78,000 as Iran Makes Latest Threat on Hormuz
Bitcoin fell below $78,000 as geopolitical tensions over Iran’s plans to charge shipping tolls in the Strait of Hormuz pressured global assets.Summary
Bitcoin dropped below $78,000 amid a broader market selloff that has wiped out over $80 billion in crypto value in two days. The decline was driven by profit-taking following the recent Senate passage of the CLARITY Act, compounded by renewed geopolitical anxiety as Iran moves to formalize a toll system for vessels transiting the Strait of Hormuz.
Analysts note that market sentiment remains fragile, with heavy liquidations of leveraged long positions further exacerbating the price slide. While some observers link the volatility to macro shocks, others suggest the asset remains in a long-term bear trend. Meanwhile, prediction markets are increasingly betting on further downside as uncertainty regarding Iran's sovereignty claims and potential regional escalation persists.
(Source：BeInCrypto)