Bitcoin Drops 1.50% Amid Geopolitical Tensions

Bitcoin (BTC) experienced a significant decline on Friday as market sentiment deteriorated due to escalating geopolitical tensions in the Middle East. The conflict between Israel and Iran, coupled with President Trump's hardline stance and warnings to Iran, heightened investor concerns about potential US involvement. This geopolitical uncertainty, along with broader macroeconomic factors, led to a nearly 1.50% drop in the crypto market, wiping out approximately $240 billion in value.

Bitcoin's price plummeted from an intraday high of $106,513 to a low of $102,446 before recovering slightly to settle at $103,388. The flagship cryptocurrency has been under pressure, with long-term holders and Bitcoin whales selling their holdings to lock in profits. According to data, wallets that held BTC for 6-12 months sold over $900 million of the asset in recent weeks, while long-term holders took home $1.2 billion in profits in early June. This selling pressure, combined with liquidations of leveraged positions, has further weighed on the price. Over the past 24 hours, more than $500 million in crypto positions were liquidated, affecting over 134,000 traders.

The week started on a positive note for Bitcoin, with the price surging over 4% to cross the 20-day Simple Moving Average (SMA) and $110,000, settling at $110,247. However, the price faced volatility throughout the week, falling to an intraday low of $102,854 on Friday before recovering to $106,106. The current session sees the price marginally up, trading around $103,781, as buyers attempt to push BTC beyond $105,000.

Healthcare technology firm Semler Scientific has announced an ambitious Bitcoin accumulation plan, aiming to increase its holdings to 10,000 BTC by the end of 2025, 42,000 BTC by the end of 2026, and 105,000 BTC by the end of 2027. The company plans to fund these purchases using proceeds from equity and debt financing, as well as cash flows from operations. Semler Scientific also appointed Joe Burnett as the Director of Bitcoin Strategy to drive this three-year plan. Burnett's expertise in Bitcoin and Bitcoin treasury companies is expected to be instrumental in delivering long-term value to shareholders.

Despite the recent price decline, Semler Scientific remains optimistic about Bitcoin's prospects. However, there is growing skepticism within the crypto industry about the long-term support for crypto, particularly after President Trump leaves office. Some hedge fund executives are concerned that crypto's popularity could wane under a future administration. Nevertheless, a survey by the Alternative Investment Management Association and PwC in October 2024 revealed that 47% of hedge fund managers are exposed to crypto, up from 29% in 2023. This indicates that institutional interest in Bitcoin and other cryptocurrencies continues to grow, despite the recent market volatility.