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Global Sentiment Turns Risk-Off, Bitcoin Drops to $61,000 and Gold Price Plunges

Global markets were rocked by a massive selloff that dragged crypto assets and major commodities into the red zone on Wednesday (24/6). Bitcoin saw a sharp correction, falling below the psychological level of $62,000 and trading around the $61,000 area, triggering the liquidation of long positions worth $72,53 million in just one hour. The decline was followed by Ethereum sliding to the $1,600 level, as well as premium commodity lines such as gold crashing below $4,000 per ounce for the first time since last November.
​This was driven by a surge in the US Dollar index to its highest level in the past year, alongside risk-asset de-risking on Wall Street, especially in AI and semiconductor stocks. On the other hand, easing geopolitical tensions after progress on the US-Iran peace agreement also reopened the Strait of Hormuz route without tolls. The rebound of this vital trade route quickly dampened crude oil prices to the $70 per barrel level as supplies flowed smoothly again.
​Although the reopening of the Strait of Hormuz eased concerns about energy supplies, a move by US President Donald Trump to plan the release of Iranian funds to be allocated exclusively for large-scale food purchases from domestic US farmers began to spark new worries. A large-scale liquidity injection into the real economy sector could potentially trigger fresh inflationary pressure at the consumer level. Amid the shadow of potential inflation, the dollar’s current excessive strength is instead suppressing the appeal of gold and Bitcoin as safe-haven assets, forcing a massive outflow of liquidity from digital markets and commodities.