Bitcoin slipped to its lowest level since April 13 on Thursday, while ether fell below $2,000, as U.S. airstrikes in the Strait of Hormuz rattled global markets and intensified a broad risk-off move across digital assets.

BTC traded around $73,400, down roughly 1.2% on the day after briefly touching a multi-week low earlier in the session. Ether underperformed, dropping 1.5% and breaking below the $2,000 level for the first time since late March.

The downturn followed a spike in oil prices after the strikes raised fears of supply disruption in a key shipping corridor. Crude climbed from $92 to as high as $96 per barrel before settling near $94, reigniting inflation concerns and pressuring risk assets globally.

U.S. equity futures also weakened, with S&P 500 and Nasdaq 100 contracts edging lower as investors adopted a more defensive stance ahead of the American trading session.

Crypto derivatives saw significant deleveraging, with liquidations totaling $958.8 million over the past 24 hours. Long positions accounted for $897 million of the total, reflecting