Bitcoin erased last week’s rally, sliding below $68,000 on Monday morning, down 1.49% over the past 24 hours and 6.55% on the week, after U.S. President Donald Trump issued a 48-hour ultimatum to Iran late Saturday, demanding the reopening of the Strait of Hormuz or face attacks on the country’s power plants.
Trump said he would “hit and obliterate” Iran’s power plants, beginning with the largest, if the Strait wasn’t opened to commercial shipping.
The liquidation data shows how one-sided the positioning was heading into the weekend. CoinGlass data shows $299 million in total liquidations over the past 24 hours across 84,239 traders, with long liquidations accounting for $254 million, roughly 85% of the total.
Major tokens fell in lockstep, meanwhile. Ether dropped 2% to $2,048, XRP lost 1.88% to $1.38, BNB slid almost 1% to $626, solana fell 1.7% to $86.10, and dogecoin lost 1.31% to $0.09.
The only majors green on the week were MemeCore at 17%, River at 24% and DEXE at 35%. Everything else is almost in red for over seven days.
The global crypto market cap stands at $2.34 trillion, down by 0.95% over the day.
The 48-hour window means the deadline arrives Monday evening. If Iran doesn’t comply, and there’s no indication it will, the market faces the prospect of strikes on power infrastructure, which would be the first direct targeting of civilian energy systems in the conflict.
As the US-Iran war tensions continue to escalate, India is stepping up its response. Prime Minister Narendra Modi will conduct an emergency meeting to assess the current situation, while Iran has requested India to use its independent voice for crisis de-escalation.
The Strait of Hormuz remains effectively closed to most commercial traffic, with roughly 20% of the world’s oil and gas flows still disrupted.
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