The total value of liquidated leveraged positions skyrocketed to $240 million in just 1 hour.
After a relatively stable Saturday, in which BTC remained above $70,000, the asset’s price moves took a turn for the worse during the night, dropping toward $68,000 for the first time since March 9.
This sudden drop came as US President Trump issued a stark threat to Iran if it fails to reopen the Strait of Hormuz.
The Latest War Developments
The POTUS has long contradicted himself within hours, and the past day or so has proved this narrative once again, at least according to the most recent reports. At first, Axios reported that Trump was looking for the ‘point of contact’ in Iran’s regime to begin negotiations to wind down the war.
Later, though, the President himself published a straightforward threat against Iran and its arguably most important infrastructure if it fails to reopen the Strait of Hormuz within 48 hours.
“If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!”
The analysts from The Kobeissi Letter summarized Trump’s reported change of heart in just the last 36 hours alone.
President Trump over the last 36 hours:
Friday, 3:40 PM ET: “I don’t want to do a ceasefire with Iran.”
Friday, 5:15 PM ET: The US is “considering winding down” the war with Iran.
Today, 2:00 PM ET: Axios reports Trump is planning “peace talks.”
Now: “If Iran doesn’t open the…
— The Kobeissi Letter (@KobeissiLetter) March 22, 2026
BTC Price Dumps
Bitcoin has reacted quite instantly to the most significant developments during the war in the Middle East, and Trump’s latest major warning was no exception. The asset stood above $70,000 yesterday and even challenged $71,000 at one point, before it collapsed by several grand.
You may also like:
On some exchanges, it even dipped below $68,000, while on Bitstamp and Binance, it dropped to as low as $68,200. Nevertheless, both price tags would represent a three-week low.
The altcoins followed suit, with ETH slipping beneath $2,100 and XRP below $1.40 before the market staged a minor comeback. Nevertheless, the total value of liquidated leveraged positions was above $240 million in just one hour during the price drop.
BREAKING: Over $240 million worth of levered crypto positions are liquidated in 60 minutes after President Trump threatens to “obliterate” Iran’s power plants. https://t.co/HyUX7jBmTc
— The Kobeissi Letter (@KobeissiLetter) March 22, 2026
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
