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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 (June 24). Bitcoin experienced a sharp correction, falling below the psychological level of $62,000 and sitting in the $61,000 area, triggering liquidations 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 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 peak in a year, coinciding with a risk-off move on Wall Street, especially in AI and semiconductor stocks. On the other hand, easing geopolitical tensions following progress on the US-Iran peace deal reopened the Strait of Hormuz without toll fees. The recovery of this vital trade route immediately tempered crude oil prices to the $70 per barrel level due to resumed 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 exclusively for purchasing bulk food from domestic US farmers began to spark new worries. This large-scale liquidity injection into the real sector could trigger new inflationary pressures at the consumer level. Amid the shadow of 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 digital and commodity markets.