The Bitcoin price has declined significantly after US President Donald Trump's threat to attack Iran's power plants if the Strait of Hormuz is not reopened within 48 hours.
According to reports, over $240 million in crypto positions were liquidated in just one hour following Trump's comments. Despite being up about 7% this month, analysts warn that the crypto market is fragile amid rising geopolitical tensions.
The sudden spike in tension has led to a significant increase in liquidity clustered between $68,000 and $68,700, indicating potential volatility in the market.