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Dragged by Global Sentiment, Bitcoin Drops to $61.000 and Gold Price Crashes
Global markets were shaken by massive selling 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 the liquidation of long positions worth $72,53 million in just one hour. This decline was followed by Ethereum, which slid to the $1.600 level, as well as premium commodities such as gold, which crashed 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 peak in the past year, coinciding with the sell-off of risky 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 opened the Strait of Hormuz route without toll fees. The recovery of this vital trade route immediately dampened crude oil prices to the $70 per barrel level due to the resumption 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 to be allocated exclusively for bulk food purchases from domestic US farmers began to trigger new worries. This large-scale injection of liquidity into the real sector has the potential to trigger new inflationary pressures at the consumer level. Amid the shadow of this potential inflation, the overly strong dollar is actually suppressing the appeal of gold and Bitcoin as hedging assets, forcing liquidity to flow out of the digital and commodity markets massively.