The strikes caused bitcoin’s price to fall and oil futures on Hyperliquid to rise over the regional conflict’s consequences.

Traders are watching $1.30 as immediate support after heavy-volume selling confirmed a bearish shift.

With BTC down nearly 50% from its peak, analysts are sparring over whether the slump marks early repricing or signals more pain to come.

Oil-linked futures on Hyperliquid’s HIP-3 surged after U.S. and Israeli strikes on Iran reignited fears of supply shocks.

Tehran launched waves of missiles and drones targeting Israel, U.S. bases, and Gulf allies, with explosions reported in Dubai, Kuwait, and Bahrain.

Negative funding rates, rising open interest and liquidations point to crowded positioning and heightened derivatives activity.

The drop extends a pattern where bitcoin sells off on geopolitical shocks before recovering, as the token’s 24/7 liquidity makes it one of the few large assets traders can exit

The pullback erased most of Wednesday’s push toward $70,000 as hot producer-price data and a post-earnings Nvidia decline dragged risk assets lower heading into the weekend.

Nine lawmakers asked the federal agencies to investigate the global crypto exchange after reports of potential funding channeled to terrorist groups.

Ryan VanGrack says states are misrepresenting federal law as they move to block prediction markets.