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Dragged by Global Sentiment, Bitcoin Plunges to $61.000 and Gold Price Crashes
Global markets were shaken by massive selling pressure that dragged cryptocurrencies and major commodities into the red on Wednesday (24/6). Bitcoin experienced a sharp correction, falling below the psychological level of $62.000 and settling in the $61.000 area, triggering $72.53 million in long position liquidations in just one hour. This decline was followed by Ethereum dropping 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 condition was triggered by the surge in the US Dollar Index to its highest level in the past year, coinciding with a sell-off of risk assets on Wall Street, especially AI and semiconductor stocks. On the other hand, the easing of geopolitical tensions following progress in the US-Iran peace agreement also reopened the Strait of Hormuz without toll fees. The recovery of this vital trade route immediately suppressed crude oil prices to the $70 per barrel level due to restored supply.
​Although the reopening of the Strait of Hormuz eased concerns over energy supply, US President Donald Trump's plan to release Iranian funds to be allocated exclusively for purchasing mass food supplies from US domestic farmers began to trigger new worries. This large-scale liquidity injection into the real sector has the potential to create new inflationary pressures at the consumer level. Amid the shadow of this potential inflation, the current excessive strength of the dollar is suppressing the attractiveness of gold and Bitcoin as safe-haven assets, forcing a massive rotation of liquidity out of digital markets and commodities.