BTC USD faces major battles today as Iran tensions flare with Trump proportional strikes while hinting at a deal days away. CPI data will also drop today amid energy spikes. The escalation has already triggered over $400 million in liquidations, pressuring BTC USD at the $61,000 level. Then add SpaceX IPO oversubscription 2 days away.
After proportional strikes, Trump hinted at a potential deal “days away,†yet the Iran escalation sent BTC USD sliding from recent highs. Over $400 million in liquidations hit the market, with more than $300 million coming from long positions. The temporary calm from the earlier de-escalation fractured quickly.
Crypto Liquidations, Coinglass
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Beyond Trump Iran Escalation: Fractured BTC USD, SpaceX IPO Over-Hype
BTC USD now holds unstable ground at $61-62k as energy prices surge from the conflict, feeding macro fears. Total crypto market cap sits steady at $2.2T as Bitcoin dominance slides, but swings could come at any time.
Bitcoin (BTC)24h7d30d1yAll time
SpaceX IPO emerges as the big “market test†for June 12. Tom Lee calls any pullback short-lived. According to him, the IPO success helps the bull market and does not signal a top. Chip sell-offs from fund reallocation ahead of the debut will draw buyers back in, he insists.
Following his comment, his firm, Bitmine, scooped 75k ETH worth $123 million from Kraken and FalconX in recent hours, lifting total ETH holdings to about 5.5 million.
Realistically, the SpaceX IPO could channel fresh capital into tech and crypto ecosystems. People peg the IPO as the next catalyst despite short-term selling pressure. BTC USD dipped to $61k as some raised funds for the oversubscribed debut, yet Lee sees it as bullish long-term. As of today, the oversubscription has reached a $250 billion for a company with a $75 billion valuation.
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Forecasting CPI Data Drops
CPI forecast points to +4.2 percent YoY for May, the highest in over three years, versus 4.2 percent in April. Energy spikes tied to the Trump and Iran conflict are blamed for the jump in gasoline and fuel oil. The drop itself lands at 12:30 UTC, with 70 percent odds of a Fed rate hike now baked in.
BTC USD holds $61-62k pre-CPI in pure speculation mode, but historical patterns show a 9 percent pre-CPI pump is fading on release. Hot data risks a $60k test while cooler figures open $65k. Not just the U.S. CPI drops; Japan's hot PPI adds yen carry-trade pressure, heightening the impact on crypto.
