Bitcoin fell 2.4% to $76,500, its lowest since April 30, after comments from former U.S. President Donald Trump directed at Iran rattled risk assets and sent oil prices higher.
"The clock is ticking... they better get moving, fast," Trump said on social media, which traders interpreted as a sign of escalating geopolitical risk. Coinglass data shows the subsequent sell-off triggered a 500% spike in crypto liquidations to $677 million over 24 hours.
The deleveraging was forceful, with market-wide futures notional volume surging 65% to $159 billion as traders were forced out of positions. Ether, the second-largest cryptocurrency, dropped 3.5% to $2,116. Altcoins saw steeper losses, with Bitcoin Cash (BCH) falling 10% and Dogecoin (DOGE) declining 4.5%.
The move reinforces Bitcoin’s sensitivity to global macro events, with the immediate support level now seen near $75,000. Observers are watching for further developments in U.S.-Iran relations and any spike in the MOVE index, which tracks Treasury market volatility and serves as a barometer for global financial stress.
The sell-off began at the open of CME futures at 23:00 UTC on Sunday, quickly gathering pace as Trump's comments spread. The reaction was not contained to crypto markets. Brent crude oil briefly topped $112 per barrel, and U.S. equity futures edged lower, with the S&P 500 and Nasdaq 100 down 0.3% and 0.25%, respectively. The correlation highlights a classic risk-off move, with investors shedding assets perceived as volatile in favor of safe havens.
Bitcoin's 30-day implied volatility index, BVIV, ticked up from 40% to 42%, reflecting rising fear in the crypto options market. The jump in the MOVE index is particularly notable for crypto traders, as sustained high volatility in the bond market often precedes larger price swings in Bitcoin.
This article is for informational purposes only and does not constitute investment advice.
