Breaking News: Iran rejects US proposal to reopen the Strait of Hormuz! Bitcoin plunges below $80,000, Ethereum falls below $2,300.

The glimmer of peace has been shattered once again, as geopolitical black swan events have ruthlessly devastated the global financial and cryptocurrency markets.

According to the latest news posted on the social media platform X by well-known financial news communicator Walter Bloomberg (@DeItaone), the Iranian government has officially and firmly rejected the US proposal regarding the Strait of Hormuz, pushing negotiations between the two sides back to a standstill.

Iran takes a hard line: No war reparations, no opening of the Straits.

According to reports, Iranian senior official Mohsen Rezaee criticized Washington's proposal as "impractical." He clearly drew a red line for Tehran: unless the US plan includes compensation for the damage caused by the war, Iran will absolutely not accept the plan, nor will it agree to reopen the Strait of Hormuz, a vital global oil chokepoint.

Rezaei firmly rejected the US proposal, emphasizing that Iran would not accept any "symbolic concessions" and insisted that it must obtain "substantial benefits" in any potential agreement.

"Iran will continue to resist."

Risk aversion surged, causing Bitcoin to fall below $80,000 overnight.

This inflammatory statement instantly ignited market panic over the energy crisis and the escalating conflict in the Middle East. Driven by this risk aversion, the cryptocurrency market experienced a sharp sell-off late on May 7th (Taiwan time).

Bitcoin (BTC) faced heavy selling pressure in the short term, with its price plummeting and breaking through the important psychological level of $80,000 . Ethereum (ETH) was not spared either, following the market decline and quickly falling below the $2,300 support level. The optimistic and bullish sentiment that the market had built up on yesterday's rumors of a possible ceasefire between the US and Iran was instantly shattered by the harsh geopolitical reality.

More than 100,000 people were brutally murdered, and a multi-million dollar whale perished.

This sudden "midnight battle royale" has left countless high-leverage contract traders with nothing.

According to the latest statistics from derivatives data analytics platform CoinGlass, in the past 24 hours:

• A total of 108,301 investors worldwide have been forced to liquidate their accounts.
• The total amount of liquidated positions across the entire network reached a staggering $342 million.
• The largest single liquidation occurred on the Binance exchange's ETHUSDT trading pair, with the whale's single liquidation value reaching a staggering $10.51 million .

Related reports

Iranian officials issued a strong warning: the US ceasefire conditions are on a "wish list," and if concessions are not made, Iran is "ready to open fire."

A glimmer of hope for a US-Iran ceasefire! WTI crude oil falls 9% to $92, Brent crude drops to $100.

The US Treasury Department has named "Iranian encrypted pipelines" on its sanctions list, causing shipping in the Strait of Hormuz to plummet by 95%, and the gray market for USDT is disappearing.