- Bitcoin dropped below $70,000 after Brent oil prices spiked to $119 following attacks on energy facilities in the Persian Gulf.
- The total crypto market fell 4.4%, with nearly $588 million in leveraged positions liquidated, mostly from long bets.
- Retail sentiment for major cryptocurrencies like Bitcoin and Ethereum remained ‘bullish’ despite the sharp decline.
Bitcoin fell sharply below the $70,000 threshold in early Thursday trading, as geopolitical tensions in the Middle East drove Brent crude oil prices toward record highs. This market movement triggered a wave of liquidations across the cryptocurrency sector. Consequently, the overall digital asset market capitalization declined 4.4% while attempting to hold above $2.5 trillion.
CoinGlass data showed nearly $588 million was liquidated over the past day, with long positions accounting for $492 million of that total. Bitcoin and Ethereum bets led the losses, with $222 million and $180 million wiped out respectively. Crypto analyst Michael van de Poppe noted in a post on X that “All assets, except oil, continue to sell off.”
He observed Bitcoin was rejected at a technical resistance level and now trades in the $69,000 to $70,000 support area. Meanwhile, Brent crude oil prices rose over 5% to around $115, nearing its earlier monthly peak of $119.50. However, US crude oil prices were down 4%, highlighting a widening spread between the benchmarks.
The spike followed attacks on energy facilities in Qatar, Abu Dhabi, Kuwait, and Saudi Arabia. Among major cryptocurrencies, Cardano and Ethereum led losses, each falling more than 6%. Retail sentiment on Stocktwits for these assets remained in ‘bullish’ territory despite the price drops.
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