Bitcoin is showing early signs of recovery after slipping below the $100,000 mark for the first time since May. As of early trading on Monday, June 23, 2025, Bitcoin is hovering around $101,200 in Asian markets, following a turbulent weekend driven by intensifying geopolitical tensions.The sharp price drop came in response to President Donald Trump’s surprise military operation, "Operation Midnight Hammer", which targeted Iran’s nuclear infrastructure. The strikes were launched on Saturday, June 21, 2025, and aimed at crippling key facilities, including the heavily fortified Fordow site.

Operation Midnight Hammer Sparks Market Chaos

President Trump confirmed that B-2 stealth bombers had successfully deployed Massive Ordnance Penetrators on three of Iran’s major nuclear facilities. Satellite imagery confirmed severe structural damage and large craters at the targeted sites.

The U.S. administration had given Iran a two-week ultimatum before launching the operation. The strike caught both markets and Tehran by surprise. Iran’s initial response included a missile barrage on Tel Aviv and Haifa, raising fears of a broader regional conflict.

pic.twitter.com/wu9mMkxtUg— Donald J. Trump (@realDonaldTrump) June 21, 2025

Crypto markets reacted swiftly, with Bitcoin plunging as much as 4% to an intraday low of $98,900. Ethereum followed suit, falling nearly 10% to touch $2,150, both assets hitting their lowest levels since early May.

$1 Billion in Crypto Liquidations as Panic Sets In

According to data from CoinMarketCap and Coinglass, the sell-off triggered massive liquidations. Over $1 billion in cryptocurrency positions were liquidated in 24 hours, with $901 million in long positions and $124 million in short positions wiped out. Liquidations surged more than 600% in just one day, reflecting intense market volatility.

Analyst Pierre Rochard explained on X that the drop was not due to fundamental flaws in Bitcoin but rather its nature as a global, highly liquid asset. He noted that BTC is often sold quickly to deleverage other positions when risk-off sentiment dominates.

Escalation Risks Still Loom

Despite the modest recovery, Bitcoin’s position remains fragile. Analysts warn that further geopolitical escalations, as Iran targets oil transit routes like the Strait of Hormuz, could send prices back into decline. The Strait is critical to global oil supplies, and any disruption could shock energy markets and trigger a broader flight from risk assets, including crypto.

Market participants are now watching for Iran’s next move, with concerns that retaliation or cyber warfare could further rattle financial markets.

The interplay between global conflict and crypto prices has become increasingly pronounced in recent years. As geopolitical events unfold in real-time, the crypto market continues to act as both a risk asset and a barometer of global investor sentiment.

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