Bitcoin slides below $62,000 as liquidations surge and geopolitical tension rises

Bitcoin’s price fell about 3 percent on Monday, slipping to roughly $61,860, while 24‑hour trading volume jumped to an estimated $27.5 billion, according to market data. The dip coincided with a wave of leveraged liquidations, with CoinGlass reporting that nearly 80,000 traders were forced out of positions in the past day, generating total crypto liquidations of $321.7 million. Bitcoin‑related liquidations alone accounted for $95.6 million, of which long positions suffered $83.3 million and short positions $12.3 million.

The market pressure was amplified by escalating uncertainty in the Middle East. President Donald Trump announced that the United States would act as “Guardian of the Hormuz Strait,” effectively imposing a blockade on Iranian shipping. The move heightened concerns about broader economic disruptions, prompting many investors to reduce exposure to risk assets.

Regulatory developments may offer a counterbalance to the bearish sentiment. Trump has urged senators on the social platform X to pass the CLARITY Act, warning that without U.S. leadership other nations could dominate the cryptocurrency and artificial‑intelligence sectors. The House Financial Services Committee is scheduled to hold a hearing on the bill on July 17, keeping regulatory issues in focus for market participants.

The Bitcoin decline also dragged other major cryptocurrencies lower: Ethereum fell about 2 percent to $1,770, XRP slipped 3 percent to $1.06, Binance Coin dropped 2.3 percent to $565.59, and Solana lost roughly 2.8 percent to $75.25. Corresponding equity‑linked crypto stocks such as MicroStrategy, Coinbase, and Marathon Digital also posted declines ranging from 2 percent to nearly 6 percent.

These movements underscore how quickly macro‑political events and leveraged trading can affect digital asset prices, while upcoming regulatory hearings may shape the sector’s longer‑term trajectory.