Bitcoin Drops 3% in Single Day, Over $300 Million in Market-Wide Liquidations

The crypto market faced another "bloodbath" today:
Bitcoin fell from $70,500 to around $68,800, a severe single-day decline of 2.5-3%; Ethereum, Solana, and other major altcoins dropped 2-5% in tandem, with total market capitalization evaporating over $100 billion. The Fear and Greed Index collapsed to 10, with investors broadly shifting into "risk-off" mode.

Direct Trigger: US-Iran Tensions Escalate Sharply

The main cause is a Middle East geopolitical black swan event:
• Iran launched two medium-range missiles at the US Diego Garcia base (one failed, one intercepted).
• Trump immediately issued a 48-hour ultimatum: if Iran does not reopen the Strait of Hormuz, the US will destroy its energy infrastructure.

Oil prices spiked instantly, investors dumped risk assets, crypto longs experienced massive leverage liquidations, with liquidation amounts breaking through $300 million. Netizens on X platform from Taiwan exclaimed "geopolitics is killing us."

Deeper Background: Already in 5-Month Bear Market
This is not an isolated event but a continuation of corrective pressure since Bitcoin's $126,000 peak in October 2025:
• Trump's 15% global tariffs + US tech stock collapse
• Bitcoin ETF successive net outflows of $3.8 billion
• Total market cap already halved from $4.4 trillion to $2.3 trillion, with cumulative losses exceeding 40%

Current Situation and Recommendations

Bitcoin temporarily stabilized at $68,800-$69,200. If US-Iran tensions ease, a rebound is likely; if escalation occurs, it could retest the $60,000 support level.
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