BlockBeats news, on June 23, QCP released a daily market observation stating, 'Bitcoin briefly fell below the $100,000 mark last Monday, hitting a low of $98,200, the lowest point since breaking the psychological barrier of $100,000 on May 8. This round of selling has affected major altcoins, triggered by Iran's threat to close the Strait of Hormuz, which could severely disrupt global crude oil transportation.
However, Bitcoin regained the $100,000 mark this morning, indicating that the weekend's pullback was more driven by macro factors. Investors are viewing crypto assets as a safe haven during the wait for stock index futures to open. Due to low market liquidity, fluctuations in prices have been amplified, with total market liquidation exceeding $1 billion.
Despite Iran's vow to take retaliatory measures, the market currently does not seem to believe that the situation will escalate significantly. Geopolitical 'behind-the-scenes mediation' appears to be playing a calming role. Although the skew of put options remains high before September, the strong rebound in spot prices, along with the compression of front-end volatility, suggests that investors do not currently view this as a systemic risk diffusion event.
This market sentiment is also reflected in traditional assets. U.S. stock futures, crude oil, and gold reacted at the initial release of the news, but quickly fell back to Friday's levels. This indicates that investors are interpreting the current situation more as a regional conflict rather than a global crisis.
However, after experiencing concentrated liquidations of leveraged long positions, Bitcoin remains consolidating around the $100,000 mark. This makes the next few trading days particularly crucial. In the context of ongoing geopolitical uncertainty, digital assets find themselves at a crossroads between 'increased risk appetite' and 'defensive hedging.'
