Bitcoin’s trademark volatility was triggered anew on Tuesday morning, as a violent flash crash erased $2,000 in value in a mere three-hour window. The number-one cryptocurrency tumbled below the psychologically important $76,000 support level, violently rejecting its earlier high of just over $78,000. This sudden downside reversal effectively neutralized the bullish momentum built over the weekend, which had been catalyzed by reports of a breakthrough diplomatic agreement between the U.S. and Iran.

While the Sunday rumors saw bitcoin peak just above $77,800 before consolidating above $77,500, reports of overnight military exchanges between U.S. and Iranian forces in the Strait of Hormuz sent the cryptocurrency tumbling. As reported earlier by Bitcoin.com News, the incident, which was downplayed by U.S. officials, sparked bitcoin’s slide to $76,500, a threshold it would hold until 6:15 a.m. EST.

A subsequent two-wave rally allowed bitcoin to reclaim its $77,500 resistance level before pushing to an intraday peak of $78,003 by 10:30 a.m. EST. The gains were short-lived, however, as a sharp sell-off forced a steep reversal to an intraday low of $75,740. The rapid decline left bitcoin down 2% over a 24-hour window and nearly 3% lower for the month. With only a few days remaining in May, the cryptocurrency now appears on track to log its fourth month of negative returns this year.

While Washington firmly categorized its military strikes as a necessary act of self-defense, Tehran fiercely rejected the narrative. The Iranian Foreign Ministry condemned the operations as a gross violation of the standing ceasefire agreement, warning of imminent retaliation. Yet, even as the threat of an escalatory spiral loomed, the high-level talks between the two sides continued, with regional observers predicting these would stretch on for several more days.

Bitcoin’s turbulent price action triggered $100 million in leveraged liquidations, with wiped-out long bets accounting for $73 million of the total. Across the broader digital asset space, aggregate market liquidations neared $350 million.

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