According to Woofun AI, the price of Bitcoin (BTC) fell below the $70,000 mark on Friday morning, hitting a new low since August 19. This price change directly triggered overall weakness in the crypto market and large-scale leveraged liquidations.
At the same time, geopolitical risks are rising. The Islamic Revolutionary Guard Corps of Iran issued a statement through the semi-official Tasneem News Agency, claiming that it had destroyed the early warning radar deployed by the United States in Bahrain as a retaliation for the air attack on a telecommunications tower in Syria's Siriq region. The guard defined the operation as a “serious warning” to an “aggressive enemy” and clearly demanded the cessation of what it called repeated air provocation and oil smuggling activities in the Strait of Hormuz.
Although news of this escalating military conflict hasn't immediately boosted energy prices — WTI crude still fluctuates around $88, slightly below Thursday's high of $89.15 — panic quickly spread to the digital asset sector. The price of Ethereum fell below $2,000 for the first time since August, Ripple's XRP traded close to $1, and Solana's SOL was below $80.
Furthermore, various smaller tokens, including GT, Stacks, and XMR, all fell 7% or more, indicating the widespread spread of risk aversion in capital.
According to data compiled by Woofun AI, cryptocurrency futures positions worth more than $1.3 billion have been forcibly liquidated by exchanges in the past 24 hours, of which Bitcoin-related liquidations alone reached $677 million. This data highlights the vulnerability of highly leveraged positions in the face of geographical uncertainty, and market liquidity shrinks rapidly amid fears.
The current situation is still developing. The lack of a sharp reaction in oil prices may mean that the market is absorbing the impact of a single incident, but if the Middle East conflict spills over further, crypto assets may face a deeper revaluation. Following the fluctuation of traditional financial markets due to geographical risk, the crypto market once again showed a highly sensitive characteristic.