Bitcoin BTC/USD dropped to $104,360, down 3.10% over 24 hours, after breaking below key support at $106,000. Markets sold off sharply as news broke of Israeli airstrikes on Iranian nuclear infrastructure, triggering a wave of liquidations and turbo‑charged high‑frequency trading.
According to the Associated Press, Israel launched airstrikes late Thursday targeting Iranian nuclear infrastructure. Bitcoin sank 4.5% in the immediate aftermath, briefly touching $103,802. Ethereum ETH/USD dropped 10%. The sharp moves reflect broad risk-off sentiment as geopolitical tensions flared across the Middle East.
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The airstrikes rippled into commodities, driving West Texas Intermediate up 7.23% to $72.98 per barrel and Brent to $74.23, according to Bloomberg. The energy spike could reignite inflation fears, potentially weighing on crypto assets if rising costs dent investor appetite for risk assets.
More Bitcoin Headlines You Should Know
The U.S. Senate is preparing to vote on stablecoin legislation. According to a notice posted on the Senate Democrats’ website, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) will move to a procedural vote on June 17. The Majority Leader and Democratic Leader will set the final timing.
The GENIUS Act mandates full liquid asset backing for U.S. dollar-pegged stablecoins and requires annual audits for issuers with market capitalizations above $50 billion. Senate documents say the bill is designed to tighten issuance standards and protect investors as stablecoins gain prominence in digital finance.
Complementing the GENIUS Act is the CLARITY Act, a separate bill defining the SEC and CFTC oversight boundaries. As regulators fine‑tune rules, the SEC is reviewing over 80 crypto ETF applications, with initial rulings due in July and the remainder expected by October.
Meanwhile, institutional adoption of Bitcoin continues as BlackRock Inc’s BLK spot Bitcoin ETF now manages over $70 billion in assets, which is roughly 3% of Bitcoin’s circulating supply. New fair-value accounting standards for digital assets could further normalize crypto on public company balance sheets.
Corporations in Asia are following suit. On June 12, Tokyo-based video game developer Gumi Inc 3903 announced a ¥1 billion Bitcoin investment for strategic hedging. The move is part of a broader trend of major firms reallocating reserves into crypto amid inflation concerns.
Long-term bulls Galaxy Digital Holdings Ltd BRPHF CEO Mike Novogratz told CNBC on June 12 that Bitcoin could eventually reach $1 million. Novogratz said that rising adoption among sovereign wealth funds, treasuries, and retail investors could help the asset “10X” its value over the coming years.
Trading and Technicals
Bitcoin needs to reclaim $106,000 to retest $110,000, with a clean breakout potentially targeting $120,000. A drop under $102,000 would likely open the door to a deeper pullback.
Between shifting volume patterns, geopolitical jitters, and looming Senate stablecoin vote, Bitcoin's next chapter will be written by the event that forces one of the levels to break.
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