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ZEC Bitcoin and the broader cryptocurrency market lost more than $20 billion in market value after President Trump's latest remarks on the Strait of Hormuz, which pushed up oil prices and accelerated safe-haven selling.
Summary: Trump's remarks about the Strait of Hormuz pushed Brent crude oil above US$79 and triggered a sharp sell-off of cryptocurrencies. Bitcoin fell more than 3%, the cryptocurrency market lost more than US$20 billion, and the liquidation amount exceeded US$40 million. Traders are now waiting for U.S. CPI data and testimony from Federal Reserve Chairman Kevin Walsh to seek policy and market direction guidance.
Trump's remarks add to pressure on global markets
U.S. President Trump said on Monday that the United States will "take over" the Strait of Hormuz and that other countries will have to pay Washington the cost of protecting this important shipping corridor. He also said that despite progress made at a previous meeting, recent negotiations had broken down. "We are taking over the Strait. They had nothing... Yesterday, they had an 11-hour meeting... Everything was agreed on yesterday, but they called again after they left the room and said,'We had to make a few changes.'"
"It seems that they are back on the old path of trying to take over the Strait..." Trump also warned Iran that after the ceasefire broke down, the US military had launched an overnight strike and destroyed Iran's key military equipment. After the comments, Brent crude oil prices climbed above $79 a barrel after rising nearly 5% due to the military standoff between the United States and Iran. Iran announced the closure of the Strait of Hormuz, but the U.S. Central Command denied this claim. Rising oil prices and geopolitical uncertainty have put pressure on global risky assets, including cryptocurrencies.
Hours before the market volatility occurred, it was reported that the share price of Bitcoin USA, a Bitcoin mining and finance company backed by Eric Trump, had fallen more than 95% from its peak. The decline wiped out the value of Eric Trump's approximately 6% stake by more than $600 million. According to reports, the company hit a record low on July 10 at a closing price of $6.13 after completing a 1-to-15 reverse stock split earlier this month.
Cryptocurrency clearing accelerates as traders wait for inflation data
Selling pressure quickly spread to digital assets, with Bitcoin falling more than 3% within hours, trading at $62,389. During the same period, the cryptocurrency fell to an intraday low of $62,120 after hitting a 24-hour high of $64,340. Currencies such as Ethereum, Ripple, Binamance, Solana, Super Liquid, Zero and Cardano also fell 2% to 6%, as investors reduced their holdings of risky assets amid sharp market sell-off. According to market data, the decline caused nearly US$20 billion to evaporate in the cryptocurrency market and triggered the liquidation of approximately US$40 million in positions in Bitcoin, Ethereum, SPCX, Solana, SNDK, superliquids, MU and XRP. The data provider also reported that approximately 73,000 traders had been liquidated in the past 24 hours. In addition, the largest single liquidation occurred on Superliquids, when an XYZ:SKHX position worth approximately $4.86 million was closed.
Market attention has shifted to this week's U.S. economic events, with traders waiting for Tuesday's consumer price index inflation report and testimony from Federal Reserve Chairman Kevin Walsh to get new signals on the central bank's interest rate path. The data is expected to affect financial market sentiment, as investors are still assessing the impact of escalating tensions in the Middle East.
