#MyGateTradeStory

Dragged by Global Sentiment, Bitcoin Plunges to $61,000 and Gold Price Crashes
Global markets were shaken by massive selling pressure that dragged crypto assets and major commodities into the red on Wednesday (June 24). Bitcoin experienced a sharp correction, falling below the psychological level of $62,000 and settling in the $61,000 area, triggering the liquidation of long positions worth $72.53 million in just one hour. This decline was followed by Ethereum sliding to the $1,600 level, as well as premium commodities such as gold crashing below $4,000 per ounce for the first time since last November.
​This condition was triggered by the surge of the US Dollar Index to its highest peak in the past year, coinciding with the selling of risky assets on Wall Street, especially AI and semiconductor stocks. On the other hand, the easing of geopolitical tensions after progress in the US-Iran peace deal also reopened the Strait of Hormuz without toll fees. The recovery of this vital trade route immediately dampened crude oil prices to $70 per barrel due to the resumption of smooth supply.
​Although the reopening of the Strait of Hormuz eased concerns over energy supply, US President Donald Trump's plan to unfreeze Iranian funds to be allocated exclusively for bulk food purchases from domestic US farmers began to trigger new concerns. This large-scale liquidity injection into the real sector has the potential to create new inflationary pressure at the consumer level. Amid the shadow of potential inflation, the current excessive strength of the dollar is actually suppressing the appeal of gold and Bitcoin as safe-haven assets, forcing a massive liquidity rotation out of the digital and commodity markets.