Bitcoin drops below $69,200 as Trump gives 48-hour ultimatum on Iran power plants

Bitcoin slipped to $69,192 on Sunday morning, down 2.2% over 24 hours and 3.1% on the week, erasing last week’s gains after U.S. president Donald Trump issued a 48-hour ultimatum to Iran demanding the Strait of Hormuz be reopened or face attacks on the country’s power plants.

Trump said he would "hit and obliterate" Iran’s power plants, beginning with the largest, if the strait wasn’t opened to commercial shipping, a sharp escalation from Friday when he said he was thinking about "winding down" the military operation. Markets took a hit as $299 million in liquidations swept crypto positions over the past 24 hours across 84,239 traders, with long liquidations accounting for $254 million, roughly 85% of the total.

Bitcoin longs absorbed $122 million in losses and ether longs lost $95.7 million; the largest single liquidation was a $10 million BTC-USDT swap on OKX, underscoring how heavily bullish positioning after eight consecutive days of gains left the market exposed to headline shocks.

United States, Iran

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