Bitcoin’s price plunged to a three-week low near $68,000 following a renewed geopolitical threat from U.S. President Trump, triggering over $240 million in leveraged position liquidations within one hour. The sharp decline occurred after Trump issued an ultimatum to Iran, demanding it reopen the Strait of Hormuz.
A sudden Bitcoin price drop triggered massive liquidations in the cryptocurrency market on March 22. The total value of liquidated leveraged positions exceeded $240 million in just one hour.
This market turmoil followed a stark threat issued by U.S. President Trump against Iran. He demanded the nation reopen the Strait of Hormuz within 48 hours, stating, “If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!” This represented a shift from earlier reports, as noted by analysts from The Kobeissi Letter, who summarized conflicting statements from the administration over 36 hours.
Bitcoin had traded above $70,000 during a stable Saturday before collapsing. The asset dropped toward $68,000, marking its first dip to that level since March 9. On some exchanges, it briefly fell below $68,000.
Altcoins followed Bitcoin downward. Ethereum slipped beneath $2,100 and XRP fell below $1.40 before a minor market recovery. The rapid sell-off illustrated the market’s acute sensitivity to geopolitical developments in the Middle East.
