Bitcoin could fall to as low as 58,000 as geopolitical tensions surge, with 58,000 identified as the next support level, CoinDesk warned. The firm noted that the rapid drop followed Iran tensions and a potential short-term U.S. government shutdown.
Bitcoin was trading around $78,232, down about 6.65% in the past 24 hours, after briefly dipping to $75,815 and breaching $76,000. Ethereum fell 10.24% to $2,415, while Binance Coin dropped 9.59% to $774 and Ripple slid 6.36% to $1.60.
The Iran crisis is the primary driver behind the move. Iranian authorities described the incident as a simple gas-leak accident, but experts warn that an external attack cannot be ruled out, heightening Tehran-Washington tensions and prompting investors to seek safer assets. Investors have pulled funds from Bitcoin ETFs, turning net inflows negative as cash exits the crypto space. Overall, the crypto market appears to be broadly selling off in response to the geopolitical developments.
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