Bitcoin Falls to $77,614 as U.S., Israel Weigh Strikes on Iran

Bitcoin dropped to a session low of $77,614 on Saturday as reports that the U.S. and Israel are weighing strikes on Iran prompted a risk-off reaction in cryptocurrency markets. The top token later recovered and traded near $78,000.

Data from exchanges show the decline was about 3.2% over 24 hours. Bitcoin had been near $82,000 on May 14 and lost roughly $4,000 over several sessions. The coin’s market capitalization fell to about $1.56 trillion from roughly $1.6 trillion late Thursday, a drop of more than $40 billion.

Derivatives activity concentrated the losses. Nearly $700 million of leveraged positions were liquidated within 24 hours, with long positions making up about 95% of that amount-approximately $666 million. Those liquidations increased intraday volatility and selling pressure.

Major altcoins fell as well. HYPE declined about 10.5%, ZEC and LINK each dropped about 6.4%, and XRP slid roughly 4% to $1.41 after earlier gains. The combined market value of altcoins fell from just over $1.1 trillion to nearly $1.05 trillion during the same period.

Plans described by officials include intensified, high-precision airstrikes on command-and-control sites and specialized ground operations to locate and secure enriched nuclear material near Isfahan. Iranian authorities warned they would “deliver a well-deserved response to any aggression.” Israeli defense officials shifted to a wartime posture and prepared assets for a campaign that could last several weeks.

Energy markets reflected the geopolitical risk. Brent crude and West Texas Intermediate futures traded above $105 per barrel late Friday.

After the initial wave of selling and liquidations, bitcoin’s price steadied near $78,000 as market participants reassessed positions. Earlier gains recorded since the start of the month were effectively erased by the sudden decline.