Crypto Whiplash: Geopolitics Shake Markets, Infrastructure Steadies
Crypto markets went into full risk-off mode today, and it had very little to do with hash rates or halvings — and everything to do with war fears, oil, and the Strait of Hormuz. Tensions between the U.S. and Iran flared after Donald Trump issued a 48-hour ultimatum and threatened key oil infrastructure. That was enough to yank liquidity out of risk assets around the globe. Bitcoin (BTC), Ethereum (ETH), Solana, and most majors sold off in sync with Asian markets and falling U.S. stock futures. Derivatives desks reported a wave of liquidations as traders rushed to de‑risk into the weekend. But the story didn’t end with a straight line down. As signs of possible de‑escalation emerged and talk of halted strikes surfaced, Bitcoin snapped back, briefly reclaiming the 70,000 level and dragging ETH higher with it. The intraday swings were violent: hundreds of millions of dollars in liquidations, whipsawing sentiment, and yet another reminder that macro and geopolitics now move crypto ...