The cryptocurrency market experienced a significant downturn today, triggered by heightened geopolitical tensions stemming from the escalating conflict between Israel and Iran. Bitcoin’s price dropped below $103,000, reflecting a daily decline of nearly 3%, before showing slight recovery later in the session. Top altcoins also reflected this trend, with Ethereum losing over 8% within 24 hours, while Solana fell by 9.2%, leading the pack among major coins. Other notable dips included DOGE (-7%), ADA (-8%), and TRX (-8%). For real-time price information, visit: 👉 Bitcoin Price, 👉 Ethereum Price, 👉 Solana Price.
The selloff was fueled by reports of Israeli airstrikes on Iranian soil. The conflict reignited investor fears regarding the potential for escalation, prompting a swift sell-off in riskier assets like crypto.
Several factors contributed to this market downturn:
– Traders exited positions in volatile asset classes, such as cryptocurrency,
– Liquidations of leveraged positions took place across various exchanges. As per data from Coinglass, over $1 billion worth of long positions were liquidated in the past 24 hours.
Market analysts believe that Bitcoin may find technical support around the $101K level, but a sustained rebound is contingent on developments surrounding the geopolitical conflict in the coming days. It’s important to note that this incident emphasizes that crypto’s role as an alternative asset during times of global instability remains under scrutiny, particularly when risk-off sentiment dominates.