Bitcoin Slides Below $79K as Trump's Iran Threat Sends Oil Past $105

"Bitcoin briefly dipped to $78,611 after the deadlocked U.S.-China summit rattled investors. The flash crash triggered a market-wide liquidation, wiping out $382 million in long positions. Observers expect bitcoin to remain volatile as the tech war over AI chips continues. Bitcoin plunged below the $79,000 mark for the second time in two days as investor sentiment shifted from optimism to caution after a highly anticipated U.S.-China summit failed to deliver the outcomes markets had hoped for."

"The plunge came 24 hours after the cryptocurrency briefly tapped $82,000 following the U.S. Senate Banking Committee's 15-9 vote to advance the CLARITY Act. According to Bitstamp, the top cryptocurrency dipped to a low of $78,611 around 10 a.m. EDT on May 15 before quickly reclaiming $79,000. By 1:40 p.m. EDT, it was trading around $79,400, narrowing its 24-hour losses to just under 3%."

"Billed as the most critical high-stakes diplomatic engagement between Washington and Beijing in years, the two-day summit concluded with no real trade breakthrough. Instead, the high-level talks served only to lay bare a deeply entrenched systemic rivalry, with the flashpoint issue of Taiwan's sovereignty casting a long, ominous shadow over the entire proceedings. By failing to break the diplomatic logjam over stringent U.S. export controls on advanced semiconductors and cutting-edge artificial intelligence hardware, the world's two largest economic powerhouses have effectively guaranteed a prolonged escalation of their tech-centric trade war, according to geopolitical analysts."

Bitcoin dipped to $78,611 on May 15 after a U.S.-China summit ended without trade breakthroughs, shifting investor sentiment from optimism to caution. The move triggered a market-wide liquidation that wiped out $382 million in long positions. Bitcoin briefly reclaimed $79,000 and traded around $79,400 by early afternoon, narrowing losses to under 3%. The decline followed a prior push toward $82,000 after the U.S. Senate Banking Committee advanced the CLARITY Act. The summit failed to resolve disputes over U.S. export controls on advanced semiconductors and AI hardware, with Taiwan sovereignty casting a major shadow. Analysts expect prolonged escalation of the tech-centric trade war, keeping volatility elevated.

Read at news.bitcoin.com