Bitcoin Price Plunge Sparks Widespread Crypto Liquidations

The recent price drop of Bitcoin has led to significant losses for long traders, with over $260 million in crypto liquidations reported in the last 24 hours.

According to CoinGlass data, this pullback followed a relief rally that had pushed Bitcoin through new monthly highs after reports suggested commercial shipping through the Strait of Hormuz would remain open.

However, sentiment weakened again as new reports pointed to disrupted tanker traffic and Iran's rejection of further negotiations with the US, putting crude oil back at the center of macro risk.