Bitcoin slides to $72,643 as Iran strikes trigger crypto selloff

Bitcoin fell 3.3% to $72,643 in Singapore trading on Thursday, its lowest level in more than six weeks, as fresh military strikes by Iran against US targets triggered a broad selloff across digital assets and pushed exchange-traded fund outflows past $2.5 billion over the past two weeks.

"Geopolitical shocks of this magnitude force a rapid deleveraging across risk assets, and crypto is no exception — the correlation with traditional safe-haven flows is reasserting itself in real time," said Caroline Mauron, co-founder of Orbit Markets, a digital-asset derivatives liquidity provider.

Ether dropped more than 4% to $1,965, its weakest in almost two months, while XRP fell 3% as the selloff swept across major tokens. Total liquidations across centralized exchanges exceeded $420 million in the 24 hours to 06:00 UTC, with long positions accounting for roughly 75% of the total, according to Coinglass data. Open interest across Bitcoin futures fell 8% to $28.3 billion, while the funding rate flipped negative to -0.005% on Binance, signaling that leveraged bulls were exiting positions.

The escalation marks the first major geopolitical shock for crypto markets since the US-Iran tensions flared earlier this year, and the selloff has been compounded by persistent outflows from US spot Bitcoin ETFs. The 12 funds have shed a combined $2.5 billion since mid-May, according to Bloomberg data, reversing a months-long accumulation trend. Bitcoin's next major support sits at $70,000, a level not tested since April, with resistance now established at $76,000. A break below $70,000 could open the door to a retest of the $65,000 zone, where the 200-day moving average currently sits.

The macro backdrop has added to the pressure. The US dollar index rose 0.3% as investors rotated into haven assets, while gold climbed 1.2% to $2,380 an ounce. The simultaneous crypto selloff and gold rally underscore the market's current preference for traditional safe havens over digital assets during periods of acute geopolitical stress. With no diplomatic resolution announced and Iran signaling further retaliatory capability, traders are pricing in elevated volatility through the end of the week, with Bitcoin's 30-day implied volatility climbing to 62%, its highest since early April.

This article is for informational purposes only and does not constitute investment advice.