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Bitcoin drops below $78K amid US-Israel tensions over Iran, wiping out monthly gains.

Market News
16 May 2026
Bitcoin
View Source
Bearish
pluang ai news

Bitcoin fell below $78,000, hitting a low of $77,614, as fears of US and Israeli military strikes on Iran intensified. This decline erased Bitcoin's gains for the month and reduced its market cap by over $40 billion to $1.56 trillion. The geopolitical tensions have also pushed oil prices above $105 per barrel and caused a broad sell-off in altcoins, with nearly $700 million in leveraged crypto positions liquidated. Investors remain cautious as the Israel Defense Forces prepare for a potential prolonged conflict with Iran.

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