Global markets moved into risk-off mode after reports that Israel had launched a preemptive strike on Iran and that the United States was involved, signaling heightened geopolitical risk. Traders noted that further escalation or diplomatic responses could amplify volatility across equities and crypto. Bitcoin briefly traded below $62,800 and recovered to around $63,400, but many observers view the bounce as a dead-cat move rather than a sustained reversal.
Altcoins were hit harder: Ethereum slipped roughly $200 to about $1,850, and XRP fell about 9% in a day, letting Binance Coin reclaim third place by market capitalization; Solana and other major tokens also declined sharply, with some names down as much as 20%. Defensive assets, including gold-linked stablecoins and other safety-oriented tokens, held up relatively better, prompting hedging considerations and cautions against overexposure in a rapidly shifting market. Market participants say fundamentals have taken a backseat to headlines, with news flow driving price action and volatility likely to remain elevated as the situation develops.
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