It was a rough weekend for crypto traders, and an even rougher one for anyone long on Bitcoin. After U.S. military strikes on Iranian nuclear sites late Saturday, markets didn’t wait for Monday to freak out.
Bitcoin dipped below the $100K mark for the first time in over a month, dragging the rest of the market with it and triggering a wave of liquidations that left over 187,000 traders rekt in 24 hours, according to latest data.
Liquidation bloodbath and Bitcoin’s flash drop
According to Coinglass, more than $656 million in crypto positions vanished in a single day, with Bitcoin taking the biggest hit. BTC alone saw about $238 million in liquidations, $190 million of that coming from long positions that didn’t see the dip coming.
Ethereum wasn’t spared either, tumbling to $2,114 before bouncing back above $2,250. ETH liquidations clocked in at $193 million, mostly from overleveraged longs.
At the time of writing, Bitcoin is back up around $101,840, and ETH is hovering near $2,259.
Still, it’s been a red week: BTC is down roughly 5% over the past seven days, and ETH has dropped about 15%. The message from the markets? Geopolitical chaos doesn’t mix well with leverage.
Oil choke points, tweets, and market panic
This all kicked off after President Trump confirmed U.S. airstrikes on Iranian nuclear sites Saturday night, calling them “very successful.” A follow-up post on Truth Social hinted at possible support for regime change, which only added fuel to the fire.
Iran’s parliament responded by urging a blockade of the Strait of Hormuz,one of the world’s most important oil trade routes. The move hasn’t happened (yet), but traders are expected to be bracing for more volatility if it ever happens.
Bottom line: if you’re in the markets this week, keep one eye on the charts and the other on the news. Because when oil, war, and crypto mix, things get wild fast.
