Crypto Market Plunges on US-Iran Conflict
Crypto Market Takes a Hit Amidst US-Iran Conflict
The cryptocurrency market experienced substantial losses following the US's military action against Iran late Saturday. President Trump confirmed airstrikes on Iranian nuclear facilities, escalating the geopolitical conflict. This news sent shockwaves through the crypto market, resulting in significant liquidations.
Market Reactions:
- Ethereum (ETH): Dropped over 5%, trading below $2,300 for the first time in a month.
- Cardano (ADA): Approached a 3-month low, experiencing a 6% decline.
- AI Agent Coins: Suffered the most significant losses, with VIRTUAL and FET falling nearly 10%.
- Bitcoin (BTC): Remained above $102,500 but shows signs of potential decline below the crucial $100,000 psychological level if tensions escalate further.
Total liquidations exceeded $670 million. This significant figure highlights the market's sensitivity to geopolitical uncertainty.
Source: Coinglass
Analysis and Outlook:
BeInCrypto analysts previously predicted a potential 10% Bitcoin price drop if the US directly intervened in the Iran-Israel conflict. The market's current trajectory aligns with these predictions. The situation remains highly volatile, and further escalation could trigger a short-term bearish trend.
The market awaits Iran's response and the potential for further US actions. President Trump has indicated that any retaliation from Iran will face a strong US counter-response.
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