#MyGateTradeStory

Dragged by Global Sentiment, Bitcoin Plunges to $61.000 and Gold Price Crashes
Global markets were shaken by massive sell-offs dragging crypto assets and major commodities into the red 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, 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 surge of the US Dollar index to its highest peak in the past year, coinciding with the risk-off actions on Wall Street exchanges, especially in AI and semiconductor stocks.
On the other hand, the easing of geopolitical tensions following progress in the US-Iran peace agreement also helped reopen 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 due to the restored 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 mass food purchases from domestic US farmers began 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 that potential inflation, the excessive strength of the dollar at present actually suppresses the appeal of gold and Bitcoin as safe-haven assets, forcing a massive rotation of liquidity out of the digital and commodity markets.