Bitcoin drops to $65K on Wednesday. The cryptocurrency shed more than $4,500 in a single day.
This marks the largest daily drop since February 5.
Why Bitcoin drops to $65K after fresh Iran strikes
According to TradingView, BTC fell to $65,385 on Coinbase in early Wednesday trading. That is its lowest level since late March.
The slump followed a 7% drop on Tuesday. The US and Iran launched fresh strikes as ceasefire talks stalled.
Consequently, around 277,000 traders got liquidated over the past 24 hours. CoinGlass data shows total liquidations of roughly $1.83 billion. More than 90% of them were long positions, primarily in Bitcoin and Ether.
Market reaction and analyst outlook
Analysts are saying that the current drop is more about “leveraged liquidations, heavy ETF outflows, and technical breakdowns than pure Iran news.” However, he added that the news amplifies the fear.
They expects “choppy consolidation.” Real support sits lower around $64,000 to $65,000. He noted that any de‑escalation or strong macro rebound could spark a sharp relief rally.
Military strikes and political backdrop
The crypto market lost roughly $150 billion in capitalization. This came as the US continued military strikes against what it called “aggressive Iranian behavior.”
US Central Command stated that it had defeated multiple Iranian ballistic missiles and drones. It also conducted “self‑defense strikes” on Qeshm Island. Iran launched missiles toward Kuwait and Bahrain, but all failed to hit their targets.
These skirmishes occur during a two‑month ceasefire. Indirect talks on extending the ceasefire and reopening the Strait of Hormuz have yet to yield an agreement.
President Trump claimed on Truth Social that reports of stopped conversations are “false and erroneous.” He said talks have continued daily. However, Iran’s Tasnim news agency reported that Iran would halt all conversations with the US until Israel stops attacking Lebanon.