Market turmoil erupts as U.S. military strikes Iranian nuclear sites, sparking fears of wider conflict and massive crypto sell-offs.
The crypto market is seeing red today. Bitcoin, the market leader, has taken a sharp dive—falling below the crucial $100,000 mark. This dramatic downturn was triggered by heightened geopolitical tensions following a U.S. strike on nuclear facilities in Iran. As the day progressed, the entire crypto market followed suit, with altcoins nosediving across the board.
Global Tension Fuels Market Panic
The possibility of military conflict had already been looming over global markets for days. Last night, those fears materialized with the confirmed U.S. strike on Iranian targets. The response from investors was swift and severe: widespread sell-offs driven by growing uncertainty about how Iran might retaliate and how the conflict could impact global oil trade and financial markets. Stock exchanges were closed when the news broke, leaving crypto as the only liquid market available to absorb the shock—and it did, brutally. Bitcoin tumbled below the $100,000 threshold for the first time in months. Many analysts had flagged that level as a key psychological barrier, making today’s drop particularly significant. As investors brace for potential fallout, it’s likely we haven’t seen the end of the downward pressure. The traditional markets reopen tomorrow, and further declines could be in store.
Market Wipeout: Billions Lost in Hours
The total crypto market cap has shed 6.9% in just 24 hours, now sitting at $3.15 trillion. On OKX, the price stands at $99,500, representing a 3.9% drop. On Bitvavo, Bitcoin is currently trading at €96,300, down 4%.
No Winners Today—Except Gold
It would be neat to note some cryptocurrencies that held up. But today, that list is nearly empty. The only green in the top 100 comes from PAX Gold (PAXG)—a stablecoin pegged to the value of gold. It’s a clear sign that in times of crisis, investors still turn to gold as their preferred store of value.
The Day’s Biggest Losers
Here’s a look at the steepest declines among major altcoins in the past 24 hours:
With many altcoins dropping by over 10% in a single day, the overall sentiment is clear: investors are pulling out to avoid further exposure in case the geopolitical crisis worsens.
Final Thoughts
Today’s price action reflects deep unease across the crypto space. Bitcoin’s fall below $100,000 is a major psychological and technical blow, and altcoins are bearing the brunt of the panic. Until geopolitical tensions cool down, expect continued volatility—and possibly more pain—across the board.