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Dragged by Global Sentiment, Bitcoin Plunges to $61,000 and Gold Price Crashes
Global markets were shaken by a massive selloff that dragged cryptocurrencies and major commodities into the red on Wednesday (June 24). Bitcoin experienced a sharp correction, falling below the psychological level of $62,000 and settling around $61,000, 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 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 level in a 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 on a US-Iran peace deal also reopened the Strait of Hormuz route without toll fees. The recovery of this vital trade route immediately cooled crude oil prices to $70 per barrel 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 unfreeze Iranian funds to be allocated exclusively for bulk food purchases from American domestic farmers has begun to spark new worries. 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 dollar's current over-strength is actually suppressing the appeal of gold and Bitcoin as safe-haven assets, forcing massive liquidity rotation out of digital and commodity markets.