Bitcoin Price Drops to Six-Week Low as Liquidations Explode Amid Iran Fears

At the same time, oil prices have started to rise. Gold and silver were also hit today.

Bitcoin’s price has taken another hit in the past hour and has now fallen to a new six-week low of just over $85,000.

The altcoins have followed suit and the number of liquidations is increasing again. CoinGlass data shows that more than $650 million in leveraged positions have been wiped out every day, with about half of that taking place in the last hour alone.

The number of failed transactions has risen to more than 190,000 at the time of writing. The largest liquidated position was on Hyperliquid and was worth over $31 million.

Perhaps the most obvious reason behind the latest disaster is the growing fear of a possible attack on Iran by the United States. Reports from earlier today indicated that the POTUS has sent the Abraham Lincoln Carrier Strike Group to the Middle East, after warning that Iran’s time to make a deal is “coming to an end.”

U.S. crude rose more than 2.5% at one point, while global benchmark Brent neared $70 after rising 2.3%. However, the precious metals market was hit hard in the last hour alone, with gold falling from its last all-time high above $5,500/oz to $5,300 within minutes.

BTC is dropping 3% every hour, and many altcoins have suffered even more painful drops. ETH has fallen to $2,800 after being rejected at $3,000 yesterday. XRP is down 3.5%, while SOL is down 3.7%.