- Bitcoin fell below $100,000 as crypto liquidations topped $1 billion.
- Price declines followed US strikes on Iran’s nuclear sites.
- Geopolitical tensions could see BTC price drop further if Iran escalates tensions and blocks the Strait of Hormuz.
Bitcoin price is above $101,000 in early trading during Asian hours on Monday, June 23, 2025.
The bounce comes after the cryptocurrency slid below $100,000 for the first time since May, while Ethereum experienced a significant decline, following President Donald Trump’s announcement of US military strikes on Iran’s three primary nuclear facilities.
The surprise attacks, executed on Saturday, June 21, 2025, sparked widespread risk aversion in digital-asset markets. Bitcoin dropped sharply as panic selling intensifying during the weekend.
With geopolitical tensions likely to escalate, analysts are closely monitoring the potential impact on cryptocurrency prices and global financial markets.
US bombs Iran’s nuclear facilities
After the US president announced a two-week window for negotiations with Iran on the nuclear weapons issue, the US went on to surprise Tehran.
The US launched a surprise military operation dubbed “Operation Midnight Hammer”, targeting Iran’s nuclear sites. It includes the fortified Fordow facility, early on June 21, 2025.
The attack involved B-2 bombers that deployed Massive Ordnance Penetrators. President Trump said the operation had been successful, with Iran’s nuclear ambitions decimated.
— Donald J. Trump (@realDonaldTrump) June 21, 2025
Initial assessments indicate severe damage, with satellite imagery revealing craters and debris at the sites. The unexpected nature of the strikes caught markets off guard, leading to an immediate sell-off in risk assets like Bitcoin and Ethereum.
Iran’s response remains uncertain, with state media claiming prior evacuation of critical materials, though a subsequent missile barrage on Tel Aviv and Haifa suggests potential retaliation.
This uncertainty has fueled speculation about further escalation, including possible disruptions to global oil supplies via the Strait of Hormuz.
Market participants are bracing for volatility, with some anticipating a broader sell-off in stock markets on Monday if tensions persist.
The interplay between geopolitical developments and cryptocurrency pricing continues to evolve, leaving investors on edge as they await Iran’s next move.
Bitcoin price remains at risk of falling below $100k
With geopolitical tensions a notch higher over the weekend, it’s no surprise Bitcoin dropped as much as 4% to an intraday low of $98,900.
Per data from CoinMarketCap, BTC touched lows last seen in early May, triggering a cascade of sell-off pressure that had crypto in bloodbath over the weekend.
As Bitcoin slid beneath the psychological $100k, Ethereum (ETH), the second-largest cryptocurrency by market cap, plummeted by up to 10%.
Ethereum price tested lows of $2,150, also marking its lowest level since early May.
The volatility triggered substantial liquidations, with total crypto bets liquidated exceeding $1 billion over the past 24 hours.
Data from Coinglass indicated at the time of writing that approximately $901 million in long positions and $124 million in short positions were liquidated.
The surge in liquidations topped 600% in 24 hours, highlighliting the turbulence that hit the crypto market.
What are analysts saying?
Pierre Rochard, a prominent Bitcoin analyst, shared what he feels is the main reason BTC plunged amid the Middle East conflict.
He suggested in a post on X that the dip below $100k stems not from inherent network vulnerabilities or over-leverage but from Bitcoin’s role as a highly liquid asset, easily sold globally 24/7 to deleverage other holdings.
Notably, the crypto market may yet see further declines if geopolitical tensions escalate.
Other retaliatory attacks, Iran restricting access to the Strait of Hormuz, a critical oil transit route, could spook risk asset investors.
Oil could soar and a flight to safe haven assets could amplify risk-off sentiment and potentially drive Bitcoin prices lower in the short term.
