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Dragged by Global Sentiment, Bitcoin Plunges to $61,000 and Gold Crashes
Global markets were shaken by a massive sell-off, dragging 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 long position liquidations totaling $72.53 million in just one hour. This downturn was followed by Ethereum sliding to the $1,600 level, as well as premium commodity lines like gold crashing below $4,000 per ounce for the first time since last November.
This condition was triggered by the US Dollar Index surging to its highest peak in the past year, coinciding with a risk-off move in Wall Street assets, particularly AI and semiconductor stocks. On the other hand, easing geopolitical tensions following progress on 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 the $70 per barrel level as supply returned to normal.
Although the reopening of the Strait of Hormuz eased concerns over energy supply, US President Donald Trump's plan to release Iranian funds for exclusive allocation to mass food purchases from domestic US farmers began to spark new worries. 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 this potential inflation, the current strength of the dollar is actually suppressing the appeal of gold and Bitcoin as safe-haven assets, forcing a massive rotation of liquidity out of digital markets and commodities.