Major crypto-related stocks experienced significant declines on Friday, with many reaching their lowest prices in over a month due to ongoing geopolitical tensions surrounding the conflict in Iran. Bitcoin fell to $65,804, marking a decrease of more than 4% for the day, and hitting its lowest price since March 2. The cryptocurrency briefly dipped to $65,720 earlier in the day, reflecting market reactions to military escalations that began when the U.S. and Israel launched airstrikes in Iran.
The sell-off extended beyond Bitcoin, impacting other leading cryptocurrencies as well. Ethereum decreased approximately 4% to $1,980, while Solana fell around 5% to just under $83 and BNB dropped 3% to $608. According to data from CoinGlass, over $500 million in crypto positions were liquidated within a 24-hour period, with nearly 90% attributed to long positions.
Corporate exposure to Bitcoin also faced significant repercussions. Strategy, known as the largest corporate holder of Bitcoin with around $50 billion in assets, saw its stock (MSTR) fall by more than 5% during the trading day, recently trading below $126. Earlier in the session, MSTR had dipped below $124, marking its lowest price in more than a month.
Similarly, BitMine Immersion Technologies (BMNR), a leading Ethereum treasury firm, reached a monthly low of $18.42 earlier on Friday, trading slightly above that point with a daily decrease of over 4%. The firm is noteworthy in crypto circles, and its chairman, Tom Lee, is also an investor in the parent company of Decrypt.
The trading platform Robinhood (HOOD) also experienced a notable downturn, hitting a monthly low and trading just above $66. The stock has now fallen more than 11% over the past month and has seen a staggering decline of over 50% in the last six months.
Overall, stock market indices echoed the trend in crypto, with broad declines reported across the board. The Nasdaq composite fell by 1.5%, while the S&P 500 and Dow put in just over a 1% drop each. In the backdrop of these events, U.S. President Trump indicated on Thursday he would pause planned military actions against Iranian energy sites. However, Israel announced intentions to intensify attacks in response to missile strikes on its territory.
As a result of this turbulent environment, Bitcoin traders have shifted their sentiment towards a more bearish outlook. On Myriad, a prediction market platform owned by Decrypt’s parent company, participants are now estimating a 64% likelihood that Bitcoin’s price will retreat to $55,000 instead of reaching the anticipated $84,000. This outlook contrasts sharply with the more optimistic projections that traders were considering just a day prior.
