Crypto Bulls Lose $310M as Bitcoin Falls to $61,481 on Middle East Escalation
The post Crypto Bulls Lose $310M as Bitcoin Falls to $61,481 on Middle East Escalation appeared on BitcoinEthereumNews.com. Key Takeaways On Wednesday, escalating Middle East tensions halted bitcoin’s July rally, dropping its price 3.5%. The volatility wiped out $40 billion in bitcoin market cap and triggered $372 million in total crypto liquidations. If the Trump administration maintains oil sanctions, high crude prices may push the Fed to hike rates. Geopolitical Tensions Halt Bitcoin Uptrend Bitcoin’s July uptrend came to a screeching halt Wednesday, tumbling below $62,000 as escalating Middle East tensions sparked fears that the shaky U.S.-Iran ceasefire had unraveled. Market data shows bitcoin nosedived from a daily peak of just over $64,100 to a low of $61,481 by 11:15 a.m.—a swift 3.5% drop in 24 hours. The sudden reversal erased an impressive week of incremental gains that had pushed the top cryptocurrency up nearly 10% since the start of the month. The cryptocurrency market wa