Bitcoin Traders Dump $1,500 in 1 Hour as Price Hits $76,567, Losses Deepen

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After nearly hitting $79,500, bitcoin dropped below the $77,000 mark, resulting in a 1.7% 24-hour loss and a $20 billion decline in market capitalization. Bitcoin Traders Dump $1,500 in 1 Hour as Price Hits $76,567, Losses Deepen Key Takeaways - Bitcoin fell below $77,000 on April 27 as optimism regarding an Iranian peace proposal faded rapidly. - Bitstamp data showed $454 million in liquidations as bitcoin decoupled from flat U.S. and European stocks. - The Trump administration may be amenable to the Iranian offer because it reopens the Strait of Hormuz and helps avoid a global recession. Bitcoin Retreats as Geopolitical Optimism Fades Hours after reclaiming the $79,000 threshold, bitcoin tumbled well below $77,000 as the earlier enthusiasm sparked by reports that Iran had submitted a peace plan to end the Middle East war permanently dissipated. In fact, Bitstamp data show that bitcoin experienced two sharp price drops on April 27, first shortly after it tapped an intraday high of $79,490 around midnight. After appearing to consolidate below $77,800, the top cryptocurrency briefly topped $78,000 before a sell-off saw it shed approximately $1,500 in under one hour to reach a session low of $76,567. Subsequent attempts to reverse the losses stalled shortly after it breezed past $77,000; at the time of writing, the cryptocurrency traded around $76,700. With this price action, bitcoin’s 24-hour losses mounted, reaching 1.7%, which helped drag down its market capitalization from around $1.56 trillion observed in the early morning session to $1.54 trillion at 12:45 p.m. EDT. While bitcoin has spent much of the last few weeks in a tight correlation with global risk assets, Monday’s slide marked a notable decoupling. The cryptocurrency’s decline appeared little more aggressive than the action in European and U.S. equities, which remained largely range-bound and flat. This downward pressure on the top cryptocurrency stood in stark contrast to the bullish momentum in the Asia-Pacific region. Leading the charge, South Korea’s Kospi index surged to a historic milestone, breaching the 6,600 level for the first time in its history. This regional rally was not entirely uniform, however; Hong Kong’s Hang Seng index emerged as a minor outlier, paring gains to close with a marginal 0.2% retreat. Asian stocks surged alongside bitcoin following reports that Iran submitted a proposal to the Trump administration. However, Western commentators noted that the offer avoids the critical nuclear issue. Although the administration is reportedly reviewing the document, analysts argue that because the conflict originated from disagreements over Iran’s nuclear enrichment, Washington is unlikely to accept the current terms. Still, with Brent Crude oil prices climbing back above $100 per barrel, some observers suggest the administration may be incentivized to negotiate to reopen the Strait of Hormuz. Restoring access to the strait could drive oil prices below $90, providing consumer relief and tempering global recession fears. Meanwhile, bitcoin’s continued slide on Monday saw $110 million in long bets get liquidated, versus $59 million in shorts. Overall, the crypto economy saw $454 million in leveraged positions wiped out, with long bets accounting for $284 million of the total. Bitcoin Erases $30 Billion in Value After Early Monday Price Rejection Bitcoin Erases $30 Billion in Value After Early Monday Price Rejection Following the proposal from Iran to reopen the Strait of Hormuz, bitcoin experienced a volatile session, briefly surging to nearly… Read NowFollowing the proposal from Iran to reopen the Strait of Hormuz, bitcoin experienced a volatile session, briefly surging to nearly…

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