I just took a look at the weekend market. Bitcoin has plunged straight from last week’s high point and is now hovering around 73.7K. The main reason is that Trump suddenly issued a 48-hour ultimatum to Iran on Saturday, demanding the reopening of the Strait of Hormuz; otherwise, they will bomb energy facilities. This immediately sent the entire market into shock.

In the prior week, Bitcoin had been rising especially sharply, but over the weekend a single geopolitical news event wiped it all out. Ethereum has fallen from 2.31K to where it is now, and major coins like XRP, BNB, and Solana have all been hammered down as well. The worst part is that nearly $300 million in contracts were liquidated, with 85% of it being long positions wiped out—Bitcoin long positions alone lost $120 million. A large exchange also saw a $10 million BTC liquidation.

It seems that ahead of the weekend, the market had piled up too many long positions, and with just a little wind and grass moving, everything collapsed. Monday is the deadline. If Iran really doesn’t back down, it may face a direct strike on energy infrastructure—this marks a new phase in the escalation of the conflict. Even though the Federal Reserve released a dovish signal a few days ago, the current geopolitical risk has completely overwhelmed that positive development. Traders now don’t dare to be too aggressive, and they’re waiting to see how Monday unfolds.