Bitcoin dropped $1,600 in 60 minutes on Wednesday, falling below $73,000 for the first time in weeks. Ethereum fell to $1,978, down 4.42% on the day. XRP dropped to $1.28, down 3.56%. The total crypto market cap declined 2.97% to $2.45 trillion.

Nearly $958.8 million in positions were liquidated across crypto markets in 24 hours and 93% of those liquidations were long positions.

What Triggered the Sell-Off

US airstrikes on an Iranian military site on May 28 reignited regional conflict fears and triggered an immediate risk-off response across global markets. Crypto sold off alongside equities as traders unwound leveraged positions rapidly.

The market showed a 69% correlation with gold during the move, suggesting capital was rotating…