Bitcoin fell below $73,000 for the first time in months Thursday, as fresh U.S. airstrikes on an Iranian military site near the Strait of Hormuz sent risk assets lower and triggered one of the biggest liquidation events this year.
Bitcoin traded at $72,978 in Asian hours, down 3.4% over 24 hours, after touching a low of $72,912. Ether fell 4.2% to $1,976, losing the $2,000 level. Solana dropped 3.5%, XRP slid 3.6%, and Dogecoin lost 3.2%.
Nearly $1 billion in leveraged positions were wiped out across 167,706 traders, with $897 million coming from long positions. Bitcoin liquidations led at $386 million, followed by ether at $246 million. The largest single liquidation was a $15.34 million BTC position on Hyperliquid (HYPE).
The trigger: U.S. Central Command airstrikes on an Iranian military site near the Strait of Hormuz, and the downing of four Iranian attack drones aimed at a commercial ship. The U.S. Treasury imposed new sanctions on Iran's Persian Gulf Strait Authority. President Donald Trump said the strait would remain open to all.
Risk assets fell broadly. The MSCI All Country World Index retreated 0.4% from a record high, and futures for the S&P 500 and Nasdaq 100 pointed lower. Oil climbed as the strikes clouded reopening of the strait.