Bitcoin Slides 5% to $62,236 on Thursday as U.S.-Iran Peace Accord Triggers Selloff

On Thursday, Bitcoin tumbled 5% to $62,236, erasing initial gains triggered by U.S.-Iran peace accord rumors and the formal announcement. The cryptocurrency peaked above $67,300 on June 15, marking a 7.5% decline. Bitcoin's market capitalization fell to $1.25 trillion, dragging the broader crypto market cap down 4.3% to $2.24 trillion.

The decline wiped out approximately $177 million in long positions over 24 hours. Across the cryptocurrency market, liquidations totaled $601 million in long bets and $85.6 million in shorts. The crypto market's reversal contrasted with global equities, which rose following the U.S.-Iran memorandum of understanding.