Bitcoin Tumbles as Trump Issues Ultimatum to Iran

The cryptocurrency market has been sent into turmoil following a surprise announcement from US President Donald Trump on Saturday evening. In a dramatic escalation of tensions with Iran, Trump issued a 48-hour ultimatum demanding the reopening of the Strait of Hormuz to commercial shipping or face attacks on the country's power plants.

The threat has sent shockwaves through the market, with Bitcoin falling by 2.2% in 24 hours and 3.1% over the week. The largest cryptocurrency dropped to $69,192 on Sunday morning, wiping out last week's gains in a single weekend. Major tokens also followed suit, with Ether dropping 1.8% to $2,114, XRP losing 2.5% to $1.41, and Solana falling 2.1% to $88.55.

The market data reveals that long positions were heavily concentrated in the run-up to the weekend, leaving it vulnerable to a sudden downturn. CoinGlass data shows $299 million in total liquidations over the past 24 hours across 84,239 traders, with long liquidations accounting for $254 million or 85% of the total.