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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 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 $72.53 million in long position liquidations in just one hour. This decline was followed by Ethereum dropping 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 surge in the US Dollar Index to its highest peak in the past year, coinciding with risk asset sell-offs on Wall Street, especially in AI and semiconductor stocks. On the other hand, easing geopolitical tensions following progress in the US-Iran peace agreement 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 restoration of smooth supply.
Although the reopening of the Strait of Hormuz alleviated concerns about energy supply, the move by US President Donald Trump to plan to release Iranian funds to be allocated exclusively for the purchase of mass food supplies from domestic US farmers has begun to trigger new worries. This large-scale liquidity injection into the real sector has the potential to spark new inflationary pressures at the consumer level. Amid the shadow of this potential inflation, the current excessive strength of the dollar is suppressing the appeal of gold and Bitcoin as safe-haven assets, forcing a massive liquidity rotation out of the digital and commodity markets.