Bitcoin falls below $100,000 as Middle East conflict escalates

US Launches Attack on 3 Iranian Nuclear Facilities on the 22nd
Iran Threatens to Block Hormuz Strait in Response
Asset Market Tension Causes Cryptocurrency Crash on the 23rd
BTC Temporarily Collapses Below $100,000... Altcoins Also Plummet

As the US essentially announced its participation in the war against Iran, the cryptocurrency market crashed, with BTC dropping by about 4% in the morning, falling below $100,000.

The US launched an attack on Iranian nuclear facilities on the 22nd, essentially starting a war with Iran. Donald Trump announced on his social media platform 'Truth Social' that they had completed a "very successful attack" on three Iranian nuclear facilities in Fordow, Natanz, and Isfahan.

Iran responded to the US attack, escalating the conflict. On the 22nd, the Iranian parliament voted to block the Hormuz Strait. The Hormuz Strait is a shipping route through which about 25% of global oil consumption is distributed, and if blocked, international oil prices could rise to as high as $130. If Supreme Leader Khamenei signs, the Hormuz Strait will be blocked.

As the Middle East regional conflict reached its peak, cryptocurrencies also plummeted dramatically.

With sharp selling pressure, Bitcoin dropped to $98,000 around 5:20 AM on the 23rd, and 'risky assets' like altcoins plunged more than 5%, intensifying the decline.

The futures market also reacted to the crash, further accelerating market decline. According to on-chain analysis platform CoinGlass's data on the 22nd, cryptocurrency futures market liquidations exceeded $701 million. Among the liquidated funds, $618.69 million were long betting funds.

Reporter Seung-won Kwon ksw@blockstreet.co.kr