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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 (6/24). Bitcoin experienced a sharp correction, falling below the psychological level of $62,000 and settling at the $61,000 area, triggering $72.53 million in long position liquidations within just one hour. This decline was followed by Ethereum sliding to the $1,600 level, as well as premium commodities 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 level in the past year, coinciding with a sell-off of risky assets on Wall Street, especially 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 restoration of this vital trade route immediately suppressed crude oil prices to the $70 per barrel level due to resumed supply flows.
​Although the reopening of the Strait of Hormuz alleviated concerns over energy supply, US President Donald Trump's plan to release Iranian funds to be allocated exclusively for bulk food purchases from domestic US farmers has begun to trigger 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 current excessive 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 and commodity markets.