On July 8, Bitcoin briefly broke through the $64,000 mark, then slightly retreated, currently at $63,634. According to CoinGlass data, total liquidations across the network over the past 24 hours reached $418.02 million, with over 106,000 people forced to liquidate. Meanwhile, the U.S. Central Command announced a series of "powerful strikes" against Iran, claiming it was a response to Iran's attack on three merchant ships passing through the Strait of Hormuz.
CoinGlass Liquidation Data: $418 Million, 106,000 People
Based on CoinGlass statistics over the past 24 hours, the liquidation data triggered by the crypto market's two consecutive days of upward movement is as follows:
Total Network Liquidation Amount: $418.02 million (approximately NT$13.5 billion, further expanding from the previous day's scale)
Total Number of Liquidations: 106,345 people (over 106,000 traders faced margin calls)
Largest Single Liquidation: $11.6 million, occurring on Binance's ETHUSDT perpetual contract, setting a record for the largest single liquidation over two consecutive days
The largest single liquidations over the consecutive days have all occurred on Ethereum (ETH) contract trading pairs, indicating that amid the potential利好 of ETH spot ETFs, the battle between ETH longs and shorts has entered an intense phase.
U.S.-Iran Military Conflict Escalates: U.S. Central Command Announces Strikes, Explosions Heard Near Strait of Hormuz
The U.S. Central Command (CENTCOM) issued a statement on July 7 local time, announcing it had launched a "series of powerful strikes" against Iran in response to Iran's attack on three merchant ships passing through the Strait of Hormuz; CENTCOM stated that Iran's actions were "unjustified, dangerous, and a clear violation of the ceasefire agreement."
Explosions were reported early on July 8 in multiple locations in southern Iran, including Qeshm Island, Sirik, and Bandar Abbas, all coastal areas near the Strait of Hormuz. Iran's Foreign Ministry subsequently issued a statement strongly condemning the U.S. Treasury's revocation of authorization for Iranian oil sales, calling the U.S. action a "serious violation" of Article 10 of the Islamabad Memorandum of Understanding signed on June 18, with both sides accusing each other of first breaching the agreement.
Strait of Hormuz Oil Market Risk: U.S. Treasury Revokes Authorization, Brent Crude Rises in After-Hours Trading
The U.S. Treasury has formally revoked authorization for Iranian oil sales; this authorization was originally effective after the U.S. and Iran reached a temporary ceasefire arrangement in June, allowing Iran to sell oil under certain conditions. The U.S. stated that Iran's actions in the Strait of Hormuz were "completely unacceptable" and must bear consequences. Brent crude rose sharply in after-hours trading amid related events.
The Strait of Hormuz connects the Persian Gulf to the Gulf of Oman, and the market generally believes it handles about one-fifth of global oil transport, also serving as a key route for Qatar's liquefied natural gas exports. The U.S. Treasury's revocation of oil authorization and CENTCOM's strikes have intensified market pricing of supply disruption risks. If energy costs continue to rise, it could transmit through inflation to the Fed's policy path and global stock market valuations.
Frequently Asked Questions
Why did Bitcoin fall back to $63,634 after breaking $64,000?
According to reports, after Bitcoin broke through $64,000 early on July 8 (Taiwan time), some sell orders offset buying momentum, causing the price to slightly retreat to $63,634; this is an extension of the two-day "short squeeze" rally where short-stop triggers provided fuel to push prices higher, followed by a normal pullback at highs. Specific real-time prices are subject to exchange quotes.
What is the latest status of the U.S.-Iran military conflict and the Strait of Hormuz situation?
According to a CENTCOM statement dated July 7, 2026, U.S. forces have launched a series of strikes against Iran in response to attacks on three merchant ships; explosions were reported in multiple southern Iranian locations early on July 8. The U.S. Treasury has revoked authorization for Iranian oil sales; Iran's Foreign Ministry accuses this of violating the Islamabad Memorandum of Understanding; both sides accuse each other of first breaching the agreement, putting the U.S.-Iran temporary ceasefire framework under its most severe test. Specific situations are subject to the latest announcements from CENTCOM and Iranian authorities.
Why are the largest single liquidations occurring on Ethereum (ETH) contracts?
According to CoinGlass data, the largest single liquidations over two consecutive days have occurred on Binance's ETHUSDT perpetual contract (today $11.6 million), reflecting that amid the potential利好 of ETH spot ETFs, institutions and large traders have established high positions on ETH, leading to a higher intensity of long-short battles compared to the BTC contract market; specific position sources are subject to official data.
