Bitcoin Slides to $64,953 as $250M Liquidated in 13th Day of Iran Strikes

For crypto traders and investors, the July 23 sell-off is a stark reminder that in times of genuine geopolitical crisis, Bitcoin still trades like a risk asset—not digital gold. The $188 million in long liquidations and falling open interest point to a market that had grown over-leveraged and complacent, and the Houthi embargo on Saudi Arabia now adds an unpredictable supply-chain shock to the macro mix. Whether this is a short-term shakeout or the start of a deeper retracement will depend on how quickly the 13-day military campaign de-escalates.

Cryptocurrency markets tumbled on Thursday, July 23, 2026, as the intensifying US-Iran conflict entered its 13th day, triggering a broad risk-off sentiment that enveloped both digital and traditional assets. Bitcoin fell 1.51% over 24 hours to $64,953.64, while Ethereum dropped 3.13% to $1,871.30. Altcoins suffered heavier losses, with Dogecoin plunging 5.02% to $0.06921, XRP down 2.80% to $1.10, and Solana declining 2.87% to $75.89. The global cryptocurrency market capitalization contracted by 0.59% to $2.25 trillion, erasing earlier weekly gains and underscoring the fragility of the recovery from earlier 2026 lows.

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Altcoins suffered heavier losses, with Dogecoin plunging 5.02% to $0.06921, XRP down 2.80% to $1.10, and Solana declining 2.87% to $75.89.

The sell-off was not isolated to crypto. Equity markets also faltered, with the Dow Jones Industrial Average shedding 506.93 points (0.97%) to close at 51,711.65, the S&P 500 sliding 1.21% to 7,408.30, and the tech-heavy Nasdaq Composite losing 2.15% to 25,137.69. Cryptocurrency-exposed equities were hammered: Strategy Inc. (MSTR) fell 6.38% and Bitmine Immersion Technologies (BMNR) dropped 6.48%. This parallel decline highlights the persistent correlation between crypto and risk assets, challenging the narrative that Bitcoin serves as a reliable geopolitical safe haven.

Derivatives markets bore the brunt of the liquidation cascade. According to Coinglass, over $250 million was liquidated across the crypto market in 24 hours, with $188 million representing bullish long positions. This disproportionate wipeout of longs signals that the downturn was driven primarily by traders exiting leveraged bets rather than an influx of new short sellers. Bitcoin's open interest fell 2.85%, a classic indicator of deleveraging—declining open interest alongside falling prices suggests that existing long positions were closed, not that fresh bearish positions were opened. This points to a market that was overextended to the upside and vulnerable to a macro-driven correction.

The geopolitical catalyst is unambiguous. US strikes on Iran entered their 13th consecutive day, while Yemen’s Iran-backed Houthi militia announced a maritime embargo on Saudi Arabia, directly threatening oil shipping lanes and stoking fears of supply disruptions. Rising energy prices feed into inflation concerns, which in turn weigh on risk appetite and tighten financial conditions—a toxic mix for speculative assets like cryptocurrencies. The prospect of a wider regional conflict has investors repricing the probability of sustained tight monetary policy, eroding the liquidity tailwind that had bolstered crypto earlier in the cycle.