Bitcoin declined further in the past few hours, sliding from around $78,000 to roughly $74,780 after several sharp red candles. The move triggered about $20 million in liquidations across major derivatives exchanges, with long positions accounting for most of the losses.
Within the last hour alone, Bitcoin dropped approximately 1.7 percent. Most altcoins mirrored the decline, with Ethereum down 2 percent, XRP falling 1.56 percent, Solana losing 1.5 percent, and Cardano sliding 2.6 percent.
The sudden market drop coincides with reports that Iran is seeking to alter the format of nuclear discussions with the United States. Several Middle Eastern nations including Egypt, Qatar, Saudi Arabia, and Oman had been working to facilitate talks between Iran and the US in Istanbul this Friday. Iran is now said to be pushing for direct bilateral talks instead.
This potential shift could undermine diplomatic efforts and raise the risk of a US military response as tensions increase alongside former President Trump’s military buildup in the Gulf region, according to the report.
Bitcoin continues to move in contrast to traditional safe haven assets such as gold, which has not shown negative reaction to the news. Instead, gold has risen about 3.5 percent over the past 24 hours, while Bitcoin is down nearly 5 percent over the same period, highlighting the depth of the current bear market.
