Bitcoin and Ethereum extended losses as more than $400 million in leveraged crypto positions were liquidated in a single day. Macroeconomic concerns and ETF outflows weighed on investor sentiment.
Bitcoin faced fresh selling pressure even as tensions eased between the U.S. and Iran. The cryptocurrency and Ethereum both extended recent declines amid broader market uncertainty.
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Bitcoin dropped below $73,000 on Thursday, reaching a six-week low, as renewed US military strikes on Iran escalated geopolitical risks and triggered heavy selling across crypto markets. Spot Bitcoin ETFs saw sharp outflows, with BlackRock's IBIT alone shedding $528 million in a single day. The move coincided with nearly $1 billion in liquidations across derivatives platforms.
Bitcoin dropped to its lowest level since late March, trading near $65,000 as selling pressure intensified. The decline coincided with rising oil prices and weakness in U.S. stocks following Middle East developments. Ethereum also fell sharply, testing support near $1,800.
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Bitcoin declined sharply as tensions between the US and Iran escalated with reported strikes. The drop triggered widespread liquidations across crypto markets.
Bitcoin slipped below $63,000 on Friday amid a broader selloff in risk assets, erasing earlier gains linked to an Iran deal that eased oil supply concerns.
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Bitcoin has traded in a tight range between $59,000 and $60,000 for five straight days. Analysts warn that a break lower could target $40,000. Pressure is mounting from a stronger U.S. dollar and plans by Strategy to potentially sell more than $1 billion of its Bitcoin reserves.