CNBC's MacKenzie Sigalos joins 'Special Report' to report on the latest bitcoin price trends following Washington’s surprise attack against Iranian nuclear sites.

New York

Bitcoin briefly fell below $99,000, marking its lowest level in over a month, after U.S. bombers struck three Iranian nuclear sites. The geopolitical event led to a sharp sell-off across the cryptocurrency market, with Ether, Solana, XRP, and Dogecoin also experiencing significant declines. Over $1 billion in crypto positions were liquidated, largely from bullish long positions, as traders reacted to increased risk and uncertainty.

Market analysts attribute the sell-off to both geopolitical shock and concerns about inflation, particularly if tensions in the region disrupt oil supplies. Institutional demand for Bitcoin ETFs also declined, with inflows flatlining as investors adopted a more cautious approach. The situation remains fluid, with market movements reflecting only the current state of events.

Bitcoin sinks below $99,000 as Iran strikes trigger crypto sell-off

Another asset that we're keeping an eye on is Bitcoin. That was briefly falling below $100,000 for the first time since May. Mackenzie Sagalos is here. She's got more on the move. Hi, Mack. Hey, Morgan. So that's right. Bitcoin was trading below that key $99,000 threshold today, its lowest level in over a month after President Trump confirmed that U.S. bombers struck three of Iran's nuclear sites over the weekend. Now, those strikes sparked a wave of risk aversion across crypto. At its worst point today, Ether was down more than 10%, with Solana, XRP and Dogecoin also sliding, dragging the entire market deep into the red. Digital assets are starting to come off those lows now, but the sell-off reflects part geopolitical shock and part inflation fear. If Iran moves to block the Strait of Hormuz, a critical oil route handling 20% of global supply, JP Morgan is warning that oil could spike to $130 a barrel. Now, one closely followed macro research firm says that that kind of shock could drive U.S. inflation back toward 5%, which is a level that we haven't seen since the Fed was still hiking in early 2023. And that outlook has traders bracing for potentially higher rates again, which is bad news for risk assets like Bitcoin. And the market was clearly overleveraged here at its peak. Coinglass data showed more than $1 billion in crypto positions were liquidated over the past 24 hours, more than 95% coming from bullish long. So right now, Bitcoin is looking less like digital gold and a lot more like just another risk trade. Guys, quickly, McKinsey, because like everything else and I've read a bunch of reports that have come out today, I'm sure that Morgan and you have and Contessa Brewer has and everybody, everybody's guessing right now. I want to make that extremely clear. We're going on what we know, which is potentially this lack of more escalation. But again, the ball's in Tehran's court. We don't know. So everything we're saying about Bitcoin and oil and everything else is just based on what has happened, not what might happen. You're looking at crypto markets, which are the first to really digest this news. And so you saw this surge in trading volume on offshore derivatives exchanges like Bybit and Binance, which is pretty classic. You're seeing a lot of these liquidations of the more bullish positions. And also you had institutional demand really, you know, come down at the end of last week. Monday to Wednesday, institutional flows into the spot Bitcoin ETFs were around one billion dollars collectively. Thursday and Friday, it totally flatlined, which dovetailed with the president saying he needed this two week window to consider what was next with Iran, which reflects the fact that this is really about basic risk aversion going into the weekend and institutions wanting to play it safe.

Ukrainian President Volodymyr Zelenskyy said Kyiv will do "anything" to advance EU accession talks. Zelenskyy spoke alongside Danish Prime Minister Mette Frederiksen, President of the European Council António Costa and President of the European Commission Ursula von der Leyen.

Kyiv

Ukraine Invasion

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Washington

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Gilimanuk

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Manhattan

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Madrid

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Tehran

Iran Strikes

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Bryan Kohberger changed his plea to guilty Wednesday for the 2022 murders of four University of Idaho students. CBS News national correspondent Carter Evans has more on the case.

Boise

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Madison

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Paris

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