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Bitcoin fell below $77,000 after renewed US strikes on Iran pushed oil higher and triggered another selloff across global risk assets.
BTC dropped to about $76,760 after losing the $78,000 and $77,000 levels. The decline followed a new round of US attacks on Iranian military targets as fighting around the Strait of Hormuz coincided with higher oil prices, bond yields and weaker equities.
Bitcoin Slide Triggers $115M in Hourly Long Liquidations
About $115 million in crypto long positions were liquidated within one hour as Bitcoin moved lower.
Other large-cap tokens fell more sharply. Ether dropped about 2%, while Solana and Tron lost more than 3% over 24 hours during Asian trading.
Bitcoin had held near $78,000 during the earlier phase of the US-Iran escalation even as oil and equities weakened. The latest decline pushed BTC below $77,000 before it later recovered toward $77,500.
Brent Crude Reaches $94.65 After Rising More Than 4%
Brent crude settled at $94.65 a barrel after rising more than 4% on Tuesday, while US crude moved above $90.
The US military struck Iranian air-defense systems, radar sites and other military targets after Iran carried out missile and drone attacks against US positions in the Middle East.
The renewed fighting has increased concerns about disruption around the Strait of Hormuz, which handles roughly one-fifth of global oil and liquefied natural gas shipments.
S&P 500 Falls 0.7% as Treasury Yield Reaches 4.79%
The S&P 500 closed Tuesday down 0.7%, the Dow fell 0.8% and the Nasdaq Composite lost 1%. Asian markets extended the decline on Wednesday, with South Korea’s Kospi falling more than 3% and Japan’s Nikkei dropping more than 2%.
The US 10-year Treasury yield also rose to 4.79%. Bitcoin had recovered slightly toward $77,500 after the initial decline, while markets remained focused on the US-Iran escalation and Friday’s US employment report.
