Bitcoin Drops 3% on Iran Ultimatum; $299M Liquidated
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin slipped 3.39% in 24 hours and 6.23% on the week, while Ethereum fell 3.01% to $2,000 and 7.19% over seven days; major altcoins including BNB, XRP, Solana, Tron, and Cardano dropped up to 7.85%, pushing global crypto market cap down 2.77% to $2.99 trillion per CoinMarketCap.
- WazirX Market Desk said BTC has traded near $66.9K within a $50K–$70K range for roughly 50 days, a stretch analysts are increasingly reading as accumulation rather than distribution.
- Bitcoin touched mid-week lows of $67K–$69K after the U.S. issued a 48-hour ultimatum to Iran, amplifying the selloff with approximately $299M in liquidations—85% of which came from long positions.
- Riya Sehgal of Delta Exchange said crypto is behaving as a macro-sensitive risk asset, with weakness tied to rising Treasury yields, elevated oil, and geopolitical uncertainty tightening financial conditions.
- Sehgal cautioned that unless BTC reclaims the $68K–$70K zone and ETH pushes back above $2,060–$2,120, the market is likely to stay in a sell-on-rise phase even if short-covering bounces appear.
- Binance Weekly Market Research flagged stablecoins as a parallel story this week, saying U.S. regulatory design shifts—not the macro forces roiling the rest of crypto—are reshaping the sector.
Why it matters: The selloff is macro-driven: rising Treasury yields, elevated oil, and a U.S. ultimatum to Iran triggered $299M in liquidations, 85% from longs, exposing how tightly crypto now trades to geopolitical headlines. WazirX's read of 50 days in a $50K–$70K range as accumulation suggests longer-term buyers are absorbing supply—but Delta Exchange's Sehgal warns BTC must reclaim $68K–$70K to break out of sell-on-rise mode.
Ask SkimNews
