Bitcoin collapsed below $68,000 during the early hours of the day after US President Donald Trump threatened to “obliterate” Iran’s power plants.
Just 24 hours ago, President Trump said he was considering “winding down” the Iran War. A day after changing back into his menacing state, over $240 million worth of levered crypto positions were liquidated in just 60 minutes, according to The Kobeissi Letter.
Iran is one of the biggest miners of Bitcoin because of its below-market-level energy costs. IF their energy grid is struck by US missiles, then a big chunk of crypto miners will go offline. Markets often react this way, a UAE-trader told ProPakistani.
Some X users commented that Bitcoin will drop like a meme stock once the Gulf War risk fears begin to ease.
Others said it will take some time to clear the uncertainty from the constant stream of “breaking news” about Trump’s next move and Iran’s grit. Traders shouldn’t panic-sell their cryptocurrencies based on just news, they added.