Bitcoin (BTC $70,458.43) fell sharply from its recent $74,000 range on Wednesday as geopolitical tensions in Iran and stronger-than-expected U.S. inflation data rattled markets.
The selloff followed U.S. President Donald Trump’s tough stance on Iran, calling it the “NUMBER ONE STATE SPONSOR OF TERROR,” alongside reports from Iran’s state TV of an attack on the South Pars gas field. The situation intensified after Israel reportedly killed Iran’s Intelligence Minister Esmail Khatib and the U.S. deployed 5,000-pound bunker-buster bombs near the Strait of Hormuz, a key global oil route.
WTI crude jumped from $92 to nearly $96 per barrel. Minutes later, U.S. February PPI showed headline PPI up 0.7% versus 0.3% expected, and core PPI rose 0.5%, highlighting persistent inflation pressures.
Bitcoin slid toward $71,000, down 3.5% in 24 hours, while ether (ETH), solana (SOL), and XRP (XRP) fell closer to 5%. U.S. stocks were modestly lower, and gold dropped 2.5% to $4,885 per ounce.
Attention now turns to the Federal Reserve meeting, with rates expected to hold steady and Chair Jerome Powell’s guidance closely watched amid geopolitical and inflation risks.
