Bitcoin drops below $64,000 as oil prices surge after Red Sea tanker attacks

Bitcoin fell below $65,000 on July 23 and slid further under $64,000 the next day, cutting its market capitalisation to about $1.285 trillion. The price drop triggered roughly $87 million in Bitcoin liquidations and $312 million in broader crypto liquidations, wiping out long positions worth $242 million.

The decline came as Brent crude rose to a weekly high of just over $100 a barrel following attacks on two Saudi oil tankers in the Red Sea and U.S. President Donald Trump's threats of “major military punishment” against Iran. Higher oil prices lifted 10‑year U.S. Treasury yields toward 4.7%, adding pressure on risk assets and raising expectations of a possible Federal Reserve rate hike. Analysts linked the market‑off move to tighter financial conditions for both crypto and traditional assets.