"Over $240 million in crypto positions were liquidated within the first hour of Trump's post, and total liquidations crossed $1 billion over the following 24 hours. Bitcoin dropped to $68,241, giving back the entire prior week's rally in hours."
"During the March 19 selloff, Bitcoin showed an 89% correlation with the S&P 500 and 95% with gold—everything sold at the same time on the same macro trigger."
"The variable that breaks the Bitcoin and XRP price drop pattern is oil prices. If Brent crude drops back toward $80 to $85 on ceasefire signals or a diplomatic resolution, rate cut expectations come back to life."
The Iran war has caused significant volatility in cryptocurrency markets, particularly affecting Bitcoin and XRP prices. Following Trump's ultimatum, over $1 billion in crypto positions were liquidated, with Bitcoin dropping to $68,241 and XRP falling to $1.37. The correlation between Bitcoin and traditional markets has been strong, with both assets moving in tandem during geopolitical crises. The potential for recovery in Bitcoin and XRP prices hinges on oil prices, as a decrease could signal a return to bullish market conditions.
Read at 24/7 Wall St.
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