Market Updates: Bitcoin Slides to $74K Amid Escalating US–Iran Tensions; Crypto Futures Log $384M in 24-hour Liquidations; Anthony Scaramucci Says BTC Aligns with Money Definition

Latest Market Updates: As of 20th April 2026.

Crypto markets opened the week on a cautious footing, as escalating tensions between the United States and Iran dampened investor sentiment and triggered a pullback across major assets.

Bitcoin Drops to $74K as US-Iran Conflict Escalates

Bitcoin fell about 2% to trade near $74,190 on Monday. This decline followed reports that US forces seized an Iranian cargo vessel, raising concerns about the stability of an already fragile ceasefire.

Notably, the drop marks a sharp reversal from Bitcoin’s strong performance just days earlier. On Friday, the asset surged past $78,300, its highest level since early February. However, optimism faded over the weekend as geopolitical risks intensified.

At first, prices slipped into the $75,000–$76,000 range after Iran warned it could shut down critical oil routes in the Strait of Hormuz. This warning added fresh concerns about global energy supply and economic stability.

By late Sunday, the situation escalated further. Bitcoin briefly dipped below $74,000 after the US military confirmed it had opened fire on, and later seized, an Iranian vessel. US officials said the ship attempted to breach a blockade, while Tehran accused Washington of violating the ceasefire agreement.

At the same time, Iranian state media reported that Tehran rejected planned peace talks in Islamabad and retaliated by firing multiple drones at U.S ships. The current ceasefire, which had helped stabilize markets and ease oil prices, is due to expire on Wednesday. This looming deadline has added to market uncertainty.

Crypto Futures Liquidations Top $384M in 24 Hours

As prices moved lower, the impact was quickly felt in leveraged markets. The crypto derivatives sector recorded $384.46 million in liquidations over the past 24 hours, according to Coinglass data.

Notably, long positions accounted for $302.43 million, significantly outweighing the $82.23 million in short liquidations. This imbalance suggests that bullish traders were largely caught off guard by the sudden decline.

Breaking it down further, Bitcoin futures led the losses at $124.85 million, with Ethereum following at $120.51 million.

Analysts Flag Weakness in Current Bitcoin Cycle

Amid this short-term volatility, some analysts are reassessing the strength of Bitcoin’s current market cycle. Alex Thorn, head of research at Galaxy Digital, pointed out that the current cycle appears more subdued than previous ones.

He compared the post-halving performance following April 2024 with earlier cycles in 2012, 2016, and 2020. Specifically, according to his analysis, the latest cycle shows lower volatility and more limited upside.

Bitcoin peaked above $126,000 in October 2025, an increase of roughly 97% from its halving level near $63,000. By comparison, prior cycles delivered significantly higher returns: approximately 9,294% in 2012, 2,950% in 2016, and 761% in 2020.

Given these observations, Thorn raised the possibility that this moderation could reflect a structural shift in the market, rather than a temporary slowdown.

Institutional Support Fuels Long-Term Optimism

Despite these concerns, long-term sentiment remains constructive among prominent investors. In particular, SkyBridge Capital founder Anthony Scaramucci continues to express a bullish outlook, emphasizing Bitcoin’s core monetary properties.

He argues that Bitcoin’s decentralized structure and lack of centralized control strengthen its credibility, while drawing parallels to traditional fiat systems, which also rely on trust rather than intrinsic value.

In addition, Scaramucci pointed to increasing institutional participation as a key driver of adoption, citing involvement from major firms such as Morgan Stanley and Goldman Sachs.

Looking ahead, he highlighted Bitcoin’s fixed supply of 21 million coins and its efficiency relative to gold as fundamental strengths.

Based on these factors, Scaramucci projects the asset could reach $150,000–$200,000 within the current cycle, with the potential to exceed $1 million over the next decade if it approaches gold’s market scale.