Bitcoin has experienced a significant downturn, tumbling below $65,000 following escalating military conflict between Iran and Israel. This sharp drop signals a broad flight from risk across global markets, as crude oil surges past $100 a barrel and bond yields climb.
The CBOE volatility index, a key fear gauge, has jumped to its highest level since October, while the Strait of Hormuz blockade creates the biggest oil supply shock in history. On-chain data reveals long-term Bitcoin holders are reducing positions, increasing the risk of further downside, as safe haven assets like gold and the US dollar move higher.
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Transcript
Good evening. Bitcoin tumbled below $65,000 on Tuesday, as escalating military conflict between Iran and Israel sent crude oil surging past $100 a barrel and pushed bond yields sharply higher. The sudden drop marks a dramatic reversal from weeks of relative calm near $70,000, and it signals a broad flight from risk across global markets. The CBOE volatility index, the so-called fear gauge, jumped to its highest level since October, while the 10-year US Treasury yield rose 15 basis points to 4.3%. The Strait of Hormuz blockade has entered its second week, disrupting roughly 20% of global oil shipments and fueling the biggest supply shock in the history of the oil market, according to the IEA. On the crypto front, on-chain data reveals that the percentage of Bitcoin supply in profit has slipped towards 60%, suggesting a significant number of holders are now underwater. Long-term holders have reduced their positions by about 50,000 Bitcoin over the past week, raising the risk of further downside if selling pressure continues. Meanwhile, safe haven assets like gold and the US dollar have moved higher. Gold prices are surging to unprecedented levels, with some analysts predicting gains of 20 to 70% amid the conflict. ...
