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Bitcoin plunges 50% amid Middle East conflict, SpaceX IPO liquidity drain, and massive liquidations.

Market News
08 Jun 2026
CryptoTicker
View Source
Bearish
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Bitcoin has dropped 50% from nearly $120,000 to $60,000 due to a combination of the Iran-Israel war, the upcoming SpaceX IPO draining liquidity, and forced liquidations in derivatives markets. This selloff wiped out trillions in crypto value and triggered widespread market fear, but on-chain data suggests the $60,000 level may be a strong accumulation point for long-term investors. Risks remain, including further geopolitical escalation and altcoin weakness, so a cautious, tiered buying strategy focusing on Bitcoin dominance is advised. Investors with short horizons might wait, while those with 12-24 month outlooks could consider gradually buying the dip.

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