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Bitcoin dips below $63,000 amid heightened Strait of Hormuz risk
Bitcoin was last around $62,940, down about 1.4% in 24 hours, while CoinGlass data showed $252.9 million in crypto liquidations tied largely to leveraged long positions.
Bitcoin fell below $63,000 as renewed fighting between the United States and Iran lifted oil prices, pushed bond yields higher, and revived concerns that a prolonged Strait of Hormuz disruption could keep inflation elevated, according to CryptoSlate.
Data from CryptoSlate showed the largest cryptocurrency traded near $62,940, down about 1.4% over the past 24 hours. Other major tokens including Ethereum, XRP, and Solana also slipped, each by less than 2%.
CoinGlass data cited by CryptoSlate said the price move contributed to $252.9 million in cryptocurrency positions being liquidated over the previous day, with leveraged long traders accounting for most of the losses. The outlet noted that liquidations can be triggered when exchanges automatically close undercollateralized trades, which may accelerate declines at crowded levels.
CryptoSlate linked the selloff to a broader macro risk shock from the Middle East. It said the conflict is centered on the Strait of Hormuz, a critical route for about one-fifth of all global seaborne crude oil, where the waterway’s operational status remains heavily contested as the standoff continues.
Latest closeWTI crude $71.51 ▼0.8%|Bitcoin $62,968.46 ▼1.2%|Ethereum $1,780.51 ▼1.4%