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Dragged by Global Sentiment, Bitcoin Plunges to $61,000 and Gold Price Crashes
The global market was shaken by massive sell-offs that dragged crypto assets and major commodities into the red zone 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 liquidation of long positions worth $72.53 million in just one hour. This decline was followed by Ethereum sliding to the $1,600 level, along with 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 risk asset sell-offs on Wall Street, especially in 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 route 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, the move by US President Donald Trump to plan to release Iranian funds to be allocated exclusively for mass purchase of food from American domestic farmers began to trigger new concerns. 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 potential inflation, the excessive strength of the dollar at this time actually suppresses the appeal of gold and Bitcoin as hedge assets, forcing a massive outflow of liquidity from digital and commodity markets.