"Bitcoin fell below $80,000 on May 7, erasing weekly gains after hitting a high of $82,833. Volatility triggered $270 million in liquidations and pulled the crypto market cap to $2.74 trillion. Concerns mount that President Trump may pivot to a hot war as Tehran rejects the latest U.S. proposal."
"After losing $1,000 during a slow descent from midday to midnight, bitcoin found temporary support at $80,700. While a pre-dawn rally lifted the price to $81,600, the momentum proved unsustainable. The subsequent sell-off was more aggressive, forcing the asset down to a $79,500 intraday low."
"According to a post on X by Walter Bloomberg, a senior Iranian official, Mohsen Rezaei, said Tehran rejected the proposal—which calls on Iran to reopen the Strait of Hormuz—because it does not include reparations for war damage. Iran's rejection of the U.S. proposal neutralized the optimism."
Bitcoin experienced significant volatility on May 7, 2026, reversing its weekly gains by dropping from a multi-month high of $82,833 to an intraday low of $79,500, ultimately settling just below $80,000. The decline triggered $270 million in liquidations across the cryptocurrency market. Bitcoin's market capitalization fell below $1.6 trillion, while the broader crypto market cap declined to $2.74 trillion from over $2.8 trillion. The cryptocurrency market's retreat mirrored Wall Street's performance and coincided with geopolitical concerns, specifically Iran's rejection of the Trump administration's proposal to end the war, which required Iran to reopen the Strait of Hormuz but excluded reparations for war damage.
#bitcoin-price-volatility #cryptocurrency-market-liquidations #geopolitical-risk #iran-us-tensions #crypto-market-cap-decline
Read at news.bitcoin.com
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