The cryptocurrency market is under significant stress today, primarily due to escalating geopolitical tensions in the Middle East. This has resulted in a 4.47% decline in the global crypto market cap, now at approximately $3.18 trillion, affecting major cryptocurrencies such as Bitcoin, Ethereum, and XRP.
Bitcoin is currently trading at $104,954, a drop of over 2%, while Ethereum has seen a similar decline, falling by 2.66% to $2,522. XRP has been particularly hard hit, plunging over 9% to $2.16 amid market volatility and delays regarding its ETF decision. Notably, other altcoins are also under pressure, with Cardano decreasing by 3.5% and Dogecoin shedding more than 2%.
The ongoing conflict between Iran and Israel is at the forefront of these tensions. Iran has reportedly displayed its hyper-ballistic missiles capable of targeting areas in Israel, prompting airstrikes from Israel aimed at halting Iranian propaganda efforts. Additionally, U.S. President Donald Trump’s abrupt departure from a G7 summit to return to Washington has fueled speculation regarding U.S. intervention in the conflict, adding to investor anxiety as Polymarket odds of U.S. involvement rise to 70%.
Market analysts suggest that if tensions escalate, Bitcoin could test critical support levels, particularly the psychological threshold of $100,000. A drop below this level could lead to a sharper downturn towards the $92,000–$95,000 range, which traders are closely monitoring for potential support. Ethereum may also follow this trend, with short-term support observed at $2,400. A breach of this mark could see Ethereum decline further to $2,200.
Bitcoin is currently trading at $104,954, a drop of over 2%, while Ethereum has seen a similar decline, falling by 2.66% to $2,522. XRP has been particularly hard hit, plunging over 9% to $2.16 amid market volatility and delays regarding its ETF decision. Notably, other altcoins are also under pressure, with Cardano decreasing by 3.5% and Dogecoin shedding more than 2%.
The ongoing conflict between Iran and Israel is at the forefront of these tensions. Iran has reportedly displayed its hyper-ballistic missiles capable of targeting areas in Israel, prompting airstrikes from Israel aimed at halting Iranian propaganda efforts. Additionally, U.S. President Donald Trump’s abrupt departure from a G7 summit to return to Washington has fueled speculation regarding U.S. intervention in the conflict, adding to investor anxiety as Polymarket odds of U.S. involvement rise to 70%.
Market analysts suggest that if tensions escalate, Bitcoin could test critical support levels, particularly the psychological threshold of $100,000. A drop below this level could lead to a sharper downturn towards the $92,000–$95,000 range, which traders are closely monitoring for potential support. Ethereum may also follow this trend, with short-term support observed at $2,400. A breach of this mark could see Ethereum decline further to $2,200.
