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Bitcoin (BTC) continued its decline on June 17, dropping more than 4% amid escalating military and political tensions between Israel and Iran.
The leading cryptocurrency reached an intraday low of $103,300 before buyers intervened to stabilize the price and elevate it back above $104,000.
At the time of reporting, Bitcoin was priced at $104,439, reflecting a decrease of approximately 3.87% over the last 24 hours. In contrast, the broader cryptocurrency market experienced a more significant downturn, averaging a 6% decline across various assets.
The effect on altcoins is underscored by nearly $508 million in liquidations within the past 24 hours, with over $167 million linked to Ethereum (ETH) positions, according to Coinglass data.
ETH was trading at $2,471.72 at the time of reporting, down 5.58% over the last day, while XRP was priced at $2.16 following a 6% drop. BNB exhibited considerably lower volatility during the same timeframe, decreasing around 1.6% over the past 24 hours and trading at $647.77 as of the latest update.
Solana saw a decline of 5.6%, trading at $148.77 at the time of reporting, while Cardano also fell 5.6%, reaching $0.6175.
Middle East tensions escalate
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The price movements were directly associated with the resurgence of hostilities in the Middle East. Israel announced that its forces killed a senior commander of the Islamic Revolutionary Guard Corps in Tehran early on June 17.
This recent attack is part of a five-day exchange that has included missiles, drones, and warnings issued to civilians.
In Washington, President Donald Trump stated that the US “knows where Iran’s Supreme Leader is hiding” and demanded Iran’s “UNCONDITIONAL SURRENDER,” intensifying the rhetoric surrounding potential US involvement.
Traders are closely monitoring the situation as the possibility of a broader regional conflict fosters risk aversion across global assets, including cryptocurrencies.
Viable hedge
Analysts recently highlighted Bitcoin’s relative strength, identifying it as a viable option for enhancing hedges within investment portfolios.
Ecoinometrics discovered that incorporating a 10% Bitcoin allocation into a traditional 60/40 portfolio increased the past-year risk-adjusted return to 0.80 with a 14% gain, compared to 0.62 and 12% for a similar allocation into gold.
Fidelity strategists Chris Kuiper and Jurrien Timmer noted that ongoing inflation and policy uncertainty have diminished the hedging effectiveness of bonds, making scarce digital assets like Bitcoin an increasingly preferred stabilizer in diversified portfolios.
The post Bitcoin’s slide below $104k liquidates over $500M as war tensions escalate appeared first on CryptoSlate.
