Bitcoin tumbled below $75,000 on Friday, triggering a wave of forced selling that wiped out $945 million in leveraged positions across crypto exchanges. The drop comes as U.S. President Trump is reportedly considering military action against Iran, injecting a fresh dose of geopolitical risk into already nervous markets.
Below $75,000 — and falling fast
The price broke the $75,000 threshold around midday UTC, and liquidations mounted as stop-loss orders cascaded. Data from major derivatives platforms show the bulk of the damage was in long positions — traders who bet prices would hold, only to be caught off guard by the sudden slide. It's the largest single-day liquidation event since the March selloff earlier this year.
Bitcoin's drop wasn't isolated. Ethereum and other large-cap tokens also took hits, though the magnitude of the bitcoin liquidation wave dominated the day's action. The $945 million figure covers both BTC and ETH futures, with bitcoin accounting for roughly 60% of the total.
Iran: the catalyst nobody wanted
Reports that President Trump is weighing military action against Iran surfaced Thursday evening, and the news has rattled markets across the board. Oil jumped. Equities dipped. And crypto, which has traded increasingly in sync with macro risk assets this year, got caught in the downdraft.
It's not the first time Middle East tensions have spooked crypto traders. But the timing isn't great — bitcoin had been hovering near $80,000 for weeks, and the breakdown below $75,000 broke a key level that many traders were watching as support. The move was fast, and liquidity was thin in the afternoon session.
What traders are watching now
All eyes are on the White House and on Tehran this weekend. Any escalation — or a de-escalation statement — could set the tone for Monday's open. On-chain data shows a spike in exchange inflows, a sign that some holders are moving coins to sell. But it's too early to say whether this is a panic flush or the start of a deeper correction.
The $75,000 level is now resistance. If bitcoin can't reclaim it quickly, the next floor many traders cite is around $70,000. For now, the market is bracing for a volatile weekend.
