Bitcoin has dropped to its lowest price since March 2, recently trading at $65,804 — a decline of more than 4% on the day. The cryptocurrency touched $65,720 earlier on Friday, a level not seen since the first business day after the United States and Israel began bombing Iran. Markets have been rattled by continued uncertainty surrounding that conflict, which began with a surprise weekend assault.
Other major cryptocurrencies are experiencing similar losses. Ethereum is down roughly 4% to $1,980, while Solana has fallen 5% to under $83 and BNB has slipped 3% to $608. According to data from CoinGlass, more than $500 million worth of crypto positions have been liquidated over the past 24 hours, with nearly 90% of those losses coming from long positions.
Crypto-related equities are also under pressure. Strategy, the largest corporate holder of Bitcoin with approximately $50 billion in holdings, saw its stock ticker MSTR fall more than 5% on the day, recently trading below $126. The stock dipped below $124 earlier Friday, its lowest point in over a month.
The leading Ethereum treasury company, BitMine Immersion Technologies, trading under the ticker BMNR, also hit a monthly low of $18.42 earlier in the session and was recently trading just above that level, representing a daily decline of more than 4%. It should be noted that BitMine Chairman Tom Lee is an investor in Decrypt’s parent company, Dastan.
Trading platform Robinhood, listed as HOOD, fell to a monthly low as well, trading just above $66 on Friday. The stock is now down more than 11% over the past month, and its six-month decline has surpassed 50%. The broader stock market is also retreating, with the Nasdaq falling 1.5%, and both the S&P 500 and the Dow each declining just over 1%.
The geopolitical backdrop continues to shift rapidly. U.S. President Trump announced Thursday, after markets closed, that he would pause a planned strike on Iranian energy infrastructure. However, Israel subsequently stated it would escalate its attacks on Iran following missile strikes against it, keeping investor anxiety elevated heading into the weekend.
Sentiment among Bitcoin traders has turned increasingly bearish over the past two days. Users on Myriad, a prediction market platform operated by Dastan, currently assign a 64% probability that Bitcoin’s next major move will be toward $55,000 rather than $84,000. That outlook had been reversed as recently as early Thursday morning, reflecting how quickly market sentiment has shifted amid the ongoing conflict.
Originally reported by Decrypt.
