Bitcoin Price Tanked to $68K as Trump Threatened to ‘Obliterate’ Iran’s Power Plants
After a relatively stable Saturday, in which BTC remained above $70,000, the asset’s price moves took a turn for the worse during the night, dropping toward $68,000 for the first time since March 9.
This sudden drop came as US President Trump issued a stark threat to Iran if it fails to reopen the Strait of Hormuz.
The Latest War Developments
The POTUS has long contradicted himself within hours, and the past day or so has proved this narrative once again, at least according to the most recent reports. At first, Axios reported that Trump was looking for the ‘point of contact’ in Iran’s regime to begin negotiations to wind down the war.
Later, though, the President himself published a straightforward threat against Iran and its arguably most important infrastructure if it fails to reopen the Strait of Hormuz within 48 hours.
The analysts from The Kobeissi Letter summarized Trump’s reported change of heart in just the last 36 hours alone.
BTC Price Dumps
Bitcoin has reacted quite instantly to the most significant developments during the war in the Middle East, and Trump’s latest major warning was no exception. The asset stood above $70,000 yesterday and even challenged $71,000 at one point, before it collapsed by several grand.
On some exchanges, it even dipped below $68,000, while on Bitstamp and Binance, it dropped to as low as $68,200. Nevertheless, both price tags would represent a three-week low.
The altcoins followed suit, with ETH slipping beneath $2,100 and XRP below $1.40 before the market staged a minor comeback. Nevertheless, the total value of liquidated leveraged positions was above $240 million in just one hour during the price drop.
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