Bitcoin’s price fell sharply over the past hour, sliding to a new six week low slightly above $85,000. Altcoins followed the decline as liquidations accelerated across the market.
Data from CoinGlass shows that more than $650 million in leveraged positions have been liquidated over the past day, with nearly half of that amount erased within the last hour alone. The total number of liquidated trades has climbed above 190,000, while the largest single liquidation occurred on Hyperliquid and exceeded $31 million.
Rising geopolitical tensions appear to be driving the selloff. Fears of a potential US strike on Iran intensified after reports said President Trump deployed the Abraham Lincoln Carrier Strike Group to the Middle East, warning that Iran’s window to reach a deal is narrowing.
Oil prices reacted strongly, with US crude rising over 2.5 percent and Brent nearing $70. Meanwhile, precious metals declined sharply, as gold dropped from a recent record above $5,500 per ounce to $5,300 within minutes.
Bitcoin is down 3 percent on the hour, while altcoins have seen steeper losses. Ethereum fell to $2,800 after failing to hold $3,000, XRP declined 3.5 percent, and Solana dropped 3.7 percent.
