The US and Israel’s strikes on Iran have unsettled the cryptocurrency market, with Bitcoin at risk of slipping below $63,000. Crypto markets fell broadly following the reports of the strikes. OKX data shows Bitcoin (BTC) dropped more than 6% to around $63,000.
Other major cryptocurrencies also tumbled sharply. BNB fell more than 5% to about $593, while Ethereum and XRP slid over 8%, to around $1,860 and $1,200 respectively. Solana suffered the largest loss, dropping more than 10% to around $78. Cointelegraph noted that with the U.S. stock market closed for the weekend, crypto markets reflected investor anxiety first.
CoinGlass data showed that within four hours, the total value of forced liquidations exceeded $250 million, signaling a sharp rise in selling pressure. Bitcoin’s price is approaching February 2025 levels, risking a five-month decline streak not seen in seven years. Beyond geopolitical factors, hotter-than-expected U.S. inflation data added to the pressure. Efforts to push Bitcoin back toward the $70,000 level failed, with investor sentiment turning more cautious amid rising risk.
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