The conflict escalates, Bitcoin briefly falls below $100,000!

The geopolitical situation in the Middle East is tense, and the cryptocurrency market is severely impacted.

Affected by the news of the Iranian parliament approving the blockade of the Strait of Hormuz, Bitcoin plunged last night, briefly dropping below the $100,000 mark. The market is concerned that the blockade of the strait will drive up crude oil prices, leading to an economic recession.

According to CoinGlass data, on June 21, the total liquidation amount in the cryptocurrency futures market exceeded $600 million, with long positions liquidating $559 million; on June 22, the liquidation amount also exceeded $600 million, with long positions liquidating $536 million, totaling over $1.2 billion in liquidation over the two days.