In the wake of escalating global tensions and US-Iran conflict, the cryptocurrency market has taken a significant hit.
What Happened: Cryptocurrency Bitcoin BTC/USD has dipped below the $100,000 mark, while XRP and Dogecoin have plunged to their lowest in two months.
On Sunday morning, Bitcoin’s value fell below the $100,000 mark, while XRP and Dogecoin prices hit a two-month low.
This drop in cryptocurrency prices comes in the aftermath of the U.S.’s involvement in the conflict between Israel and Iran. Late on Saturday, President Donald Trump announced that U.S. forces had bombed three Iranian nuclear facilities in an operation named ‘Midnight Hammer’.
At the time of writing, Bitcoin’s price was at $99,843, marking its lowest since early May. Ethereum ETH/USD, another major cryptocurrency, also took a significant hit, falling more than 10% to $2,171.
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Other major altcoins like XRP, Solana SOL/USD, and Dogecoin DOGE/USD also experienced a fall, with their prices hitting a two-month low.
As per CoinGlass, liquidations across the crypto market have accelerated, with $949 million worth of positions liquidated in the last 24 hours.
Ethereum led the way with about $369 million worth, followed by Bitcoin at $242 million.
The recent geopolitical unrest has triggered a wave of uncertainty in the global financial markets, including cryptocurrencies.
Amid the chaos, users of prediction market Myriad have become increasingly bearish on Bitcoin’s price prospects, giving a nearly 65% chance that Bitcoin will plunge below $95,000 next.
The current scenario underscores the volatility of cryptocurrencies and their susceptibility to global events. It remains to be seen how the crypto market will respond in the coming days as the geopolitical situation evolves.
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