Bitcoin Slips Below $66K as Fresh US-Iran Strikes Shake Markets

Bitcoin recorded its sharpest one-day decline since early February on Tuesday, with the cryptocurrency losing more than $4,500 in value over the course of a single trading session.

Bitcoin fell 7% during the day, breaking below a major support level and reaching its lowest point in nine weeks as fresh military strikes were launched by the US and Iran, while negotiations over a potential ceasefire remained stalled.

Bitcoin dropped to $65,385 on Coinbase during early Wednesday trading, marking its weakest price level since late March, according to data from TradingView.

The downturn came after the sharpest single-day decline since Feb. 5, with Bitcoin losing more than $4,500 in value on Tuesday.

According to data from CoinGlass, nearly 277,000 traders were liquidated during the past 24 hours, resulting in total liquidations of about $1.83 billion. More than 90% of those liquidations came from long positions, largely tied to Bitcoin and Ether.

Bitcoin Faces Volatility as Geopolitical Tensions Add to Market Pressure#

Andri Fauzan Adziima, research lead at the Bitrue Research Institute, told that Bitcoin’s latest decline is being driven more by “leveraged liquidations, significant ETF outflows, and technical breakdowns than solely by Iran-related developments,” though the geopolitical tensions are adding to market anxiety.

Adziima said he expects a period of “choppy consolidation,” noting that stronger support remains in the $64,000–$65,000 range, while any easing of tensions or a broader macroeconomic recovery could trigger a sharp relief rally.

The $150 billion wipeout in crypto market capitalization occurred as military strikes continued to be carried out by the US in response to what it described as “aggressive Iranian behavior.”

On Tuesday, United States Central Command said it had intercepted multiple Iranian ballistic missiles and drones and also carried out “self-defense strikes” on Qeshm Island after attempted attacks by Iran were launched across the Middle East.

“Iran launched several ballistic missiles toward regional neighbors; however, all failed to hit their intended targets,” CENTCOM said. Two Iranian missiles were fired at Kuwait, and three missiles were launched at Bahrain, it added.

The latest confrontation comes during a two-month ceasefire between the US and Iran, a period that has featured indirect discussions on extending the truce and removing the blockade on the Strait of Hormuz. So far, however, no agreement has been reached through the negotiations.

On Tuesday, Donald Trump wrote on Truth Social that claims suggesting communication between the United States and the Islamic Republic of Iran had ceased several days earlier were “false and inaccurate.”

“The conversations between us have been going on continuously, including four days ago, three days ago, two days ago, one day ago, and today,” he said.

The statement followed a report from Iran’s Tasnim news agency on Tuesday, which said that all talks with the United States would be suspended by Iran until Israeli attacks on Lebanon came to an end.