Crypto market recap: Bitcoin drops to $66,000 after Trump’s speech on Iran
Bitcoin’s price fell sharply following U.S. President Donald Trump’s address, in which he stated that the United States is preparing to deliver an “extremely strong strike” against Iran within the next two to three weeks. Investors who had been hoping for signals of de-escalation and the reopening of oil supplies through the Strait of Hormuz were disappointed. As a result, Bitcoin lost more than 2% and dropped to the $66,500 level.
Highlights
- Bitcoin fell by 2% to $66,680 following Trump’s speech.
- Trump stated that the U.S. would strike Iran in the coming weeks, leading to an increase in oil prices.
- Cryptocurrency market trading volume dropped by 8%, and the Fear and Greed Index increased.
Crypto decline and oil price surge
Prior to Trump's address, both the cryptocurrency and U.S. stock markets had been rising for several hours. However, following the speech, Bitcoin’s price fell by more than 2% over the last 24 hours, with trading volume dropping by 8%.
Trump also warned of potential strikes on Iran’s energy infrastructure, leading to a 5% increase in oil prices. He emphasized that military objectives were near completion, which resulted in more than $550 billion in losses for U.S .stock futures markets. While investors had been hoping for signs of a ceasefire and a resumption of oil supplies, Trump expressed his determination to continue military actions, increasing market concerns.
Price movements and market reaction
At the time of publication, Bitcoin was trading around $66,680. Over the past 24 hours, it reached a high of $68,913 and a low of $66,502. Ethereum, XRP, Solana, and Dogecoin also declined. Trading volume across the crypto market decreased by more than 8%.
Amid geopolitical instability, the Fear and Greed Index in the cryptocurrency market has risen again to 12, reflecting a drop in prices.
Futures on U.S. stocks lost more than $550 billion. The price of Brent crude oil rose 5% and surpassed $107.90 per barrel. The U.S. Dollar Index (DXY) gained 0.33% to reach 100, while the yield on 10-year US Treasury bonds climbed to 4.376%.
Gold and silver fell more than 2% and 4%, respectively.
Investor sentiment and derivatives
MarketData from CoinGlass shows significant selling pressure in the derivatives market. Open interest in Bitcoin futures dropped 2.50% to 46.49 billion dollars over the past four hours.
On CME and Binance, open interest fell by 2.70% and 2.96%, respectively, indicating bearish sentiment among derivatives traders.
Why it matters for the crypto market
The price of Bitcoin and other cryptocurrencies remains under pressure from geopolitical instability.
Political statements and rising oil prices could lead to further erosion of investor confidence in the short term. The drop in open interest in derivatives and falling market capitalization reinforce bearish sentiment among traders.
Earlier, we reported that Bitcoin surges to $68,800 amid Middle East tensions.
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