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Bitcoin at C$90K Amid Iran War Pressure
Bitcoin slid to C$89,800 on March 28 as the ongoing US-Iran conflict kept oil above $100 a barrel and stoked rate-hike fears, extending a selloff that has now erased 48% from the cryptocurrency's late-2025 peak. Forced liquidations reached C$612 million in the prior 24 hours — C$351 million of which was wiped in a single four-hour window — leaving the Fear & Greed Index at an extreme-fear reading of 10.
What This Means for Crypto Casino Players
At C$89,800, Bitcoin is now roughly C$7,100 below where it opened on March 25. A player who deposited 0.1 BTC early this week, when BTC was near C$96,900, holds a balance now worth about C$710 less in dollar terms — the coin count is unchanged, but its fiat value has compressed. Ethereum is tracking lower alongside BTC, changing hands near C$2,700 after sitting above C$2,990 a week ago. Players assessing platforms right now can compare current-rated options on our best Bitcoin casino guide for Canadian players.
Extreme Fear, Forced Exits, and the Iran Factor
The liquidation figures reflect a market under acute stress. Of the C$612 million in forced position closures over 24 hours, approximately C$547 million were long trades automatically closed when prices moved against them. Bitcoin accounted for C$249 million of those exits, Ethereum for C$170 million. The most concentrated selling came in a four-hour window on March 27, when C$351 million was cleared in rapid succession — one of the sharpest short-burst liquidation events of the year.
The root driver remains geopolitical. The US-Iran conflict, which escalated in late February, has held Brent crude above $100 a barrel for weeks. Sustained energy prices feed inflation concerns, and markets are now pricing a roughly 12% probability of the Federal Reserve hiking rates at its April meeting — up from near-zero just a month ago. On March 28, President Trump publicly called for “low interest rates and zero inflation,” though bond markets have not yet shifted to price in easier policy.
One contrarian data point sits beneath the fear: Bitcoin reserves held on exchanges have dropped to a six-year low of 2.31 million coins. When BTC moves off exchanges, it typically reflects accumulation by long-term holders moving to self-custody, rather than near-term selling intent. Major institutional forecasters have not revised their targets despite the drawdown — Bernstein holds a C$204,000 year-end target and Standard Chartered maintains a forecast above C$190,000 for 2026.
What to Watch
The C$89,800 area has held as a floor on multiple tests since late February, making today's price the most direct challenge to that support so far. A daily close below it would open the path toward the March monthly low near C$81,600. Recovery above C$95,200 on a sustained basis would shift near-term momentum back toward neutral. The next major macro catalyst is the mid-April US inflation print — softer-than-expected data would compress rate-hike bets and could provide a foundation for a recovery. Players managing crypto balances across casino platforms can explore current options on our best crypto casino guide for Canadian players.