Bitcoin Drops 5.5% to $61,322 on June 4, Erases Iran War Premium in Early Singapore Trading

According to TradingKey, on June 4, Bitcoin dropped 5.5% to $61,322 in early Singapore trading, its weakest level since February 6, before recovering to around $64,200 by afternoon. The decline wiped out all geopolitical gains that had pushed BTC toward $74,000 following the February US-Israel strike on Iran.

Total crypto market cap fell to $2.18 trillion, roughly 48% below last year's $4.2 trillion peak, with the broader sector down 4% on the day. Over $500 million in leveraged long positions were liquidated as the price broke through support. The selloff coincided with a ceasefire agreement between Israel and Lebanon and Trump signaling progress on US-Iran negotiations, which rapidly digested the risk premium in energy markets. WTI crude fell 4% to $92.18, while Brent dropped 3.23% to $94.65.