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Dragged by Global Sentiment, Bitcoin Plunges to $61.000 and Gold Price Crashes
Global markets were shaken by a massive sell-off that dragged crypto assets and major commodities into the red on Wednesday (24/6). Bitcoin experienced a sharp correction, falling below the psychological level of $62.000 and sitting at $61.000, triggering the liquidation of long positions worth $72,53 million in just one hour. This decline was followed by Ethereum sliding to $1.600, 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 of the US Dollar Index to its highest peak in the past year, coinciding with a risk-off move on Wall Street exchanges, especially in AI and semiconductor stocks. On the other hand, easing geopolitical tensions following progress in the US-Iran peace deal also reopened the Strait of Hormuz without toll fees. The recovery of this vital trade route immediately suppressed crude oil prices to $70 per barrel due to the return of smooth supply.
Although the reopening of the Strait of Hormuz eased concerns over energy supply, the move by US President Donald Trump to plan the release of Iranian funds exclusively allocated for massive food purchases from domestic US farmers began to spark new concerns. This large-scale liquidity injection into the real sector has the potential to trigger new inflationary pressures at the consumer level. Amid the shadow of potential inflation, the excessive strength of the dollar is currently suppressing the appeal of gold and Bitcoin as safe-haven assets, forcing massive liquidity rotation out of digital and commodity markets.