Bitcoin dropped below $77K amid US-Iran geopolitical tensions, triggering $400M in crypto liquidations and sharp declines across Asian equity markets.
Macro & Markets ·
Bitcoin fell below $77,000, shedding over $2,000 in value, as fresh military escalation between the United States and Iran rattled financial markets. The decline unfolded within an hour after US forces struck Iranian positions on Sunday, prompting Iranian retaliation against military targets in Jordan, with additional inflammatory rhetoric from US leadership further heightening tensions.
The market upheaval rippled across asset classes. Brent crude jumped nearly 3% to exceed $90 per barrel, renewing inflation concerns—a particular worry given recent hawkish commentary from Federal Reserve leadership. Asian equities retreated sharply, including Japan's Nikkei, South Korea's Kospi, and Chinese markets. Beyond geopolitical shocks, on-chain activity suggested selling pressure, as a major market maker moved approximately $400 million in Bitcoin to an exchange. Ethereum experienced steeper losses, dropping from above $2,500 to under $2,400 in similar timeframes.
Over $400 million in crypto liquidations triggered widespread position closures, with more than 100,000 leveraged traders facing wipeouts. Ethereum long positions accounted for roughly $100 million of that total, while Bitcoin longs represented a smaller portion. A single Ethereum liquidation reached $6.12 million. It remains unclear how much of the selling came from deliberate market moves versus forced closures, or whether additional asset sales are planned.