Bitcoin Tumbles Below $83,000 Amid US-Iran Tensions
Bitcoin's price continued its downward trend on Monday, falling below $83,000 as global tensions between the United States and Iran intensified. The strengthening dollar and rising oil prices created a challenging environment for risk assets ahead of a data-heavy week.
The decline was exacerbated by approximately $30 million in sell orders clustered around the $85,700 level, which triggered about $70 million in long-position liquidations. Ethereum and XRP also saw declines, while Dogecoin bucked the trend, rising over the same period.
President Donald Trump's rejection of an Iranian proposal to reopen the Strait of Hormuz and end hostilities sent Brent crude above $100 a barrel and lifted Treasury yields. This move typically feeds into inflation concerns, complicating the Federal Reserve's policy path.