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Dragged by Global Sentiment, Bitcoin Plunges to $61,000 and Gold Price Crashes
Global markets were shaken by massive selling that dragged 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 sitting around the $61,000 area, triggering liquidation of long positions worth $72.53 million within just one hour. This decline was followed by Ethereum sliding to the $1,600 level, 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 US Dollar index surging to its highest peak in the last year, coinciding with the dumping of risky assets on Wall Street, especially AI and semiconductor stocks. On the other hand, easing geopolitical tensions after progress in the US-Iran peace deal also reopened the Strait of Hormuz corridor without toll fees. The recovery of this vital trade route immediately pushed crude oil prices down to $70 per barrel due to the return of smooth supply.
​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 bulk food purchases from US domestic farmers began to trigger new concerns. 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 potential inflation, the current excessive strength of the dollar actually suppresses the appeal of gold and Bitcoin as safe-haven assets, forcing a massive rotation of liquidity out of digital markets and commodities.