The move quickly spilled into crypto derivatives. Roughly $243 million in crypto liquidations hit within an hour of the post, pushing total daily wipeouts to $279 million, with long positions taking the brunt. Bitcoin is now down 2.4% on the day, printing a session low of $68,241 on Bitstamp, while ethereum and several altcoins fell more than 3%.

The sell-off followed a series of Truth Social posts from Trump. Prior to the threat targeting Iran’s power infrastructure, he claimed the U.S. had “blown Iran off of the map.” He added he is “weeks ahead of schedule” and that Iran’s “leadership is gone, their navy and air force are dead, they have absolutely no defense.”

Trump stated:

“They want to make a deal. I don’t!”

The President, who frequently uses social media to communicate policy positions, continued posting to his Truth Social audience. “If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST! Thank you for your attention to this matter,” Trump said.

So far, roughly 78,694 crypto traders have been liquidated, with BTC holding just above the $68,000 level. For now, price action reflects a market reacting in real time to geopolitical pressure rather than internal fundamentals. Traders are watching whether bitcoin can hold these levels as liquidations clear and positioning resets.

If the tone around the Strait of Hormuz escalates, volatility could remain elevated. If it cools, bitcoin may attempt to reclaim lost ground and reestablish its prior range above $70,000. By 8:40 p.m. Eastern time, bitcoin was just above the $69,000 zone as buyers stepped in after the freefall.

• Why did bitcoin drop below $70,000 today? Bitcoin fell after President Donald Trump’s Iran threat raised geopolitical risk tied to the Strait of Hormuz.
• How much was liquidated in the crypto market? About $279 million in liquidations occurred, including $243 million within a single hour.
• How many traders were liquidated during the sell-off? Roughly 78,694 crypto traders were liquidated as prices moved lower.
• What level are traders watching for bitcoin right now? Traders are closely watching whether bitcoin can hold support near the $68,000 level.

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