The cryptocurrency market is reeling from a sharp sell-off over the past 24 hours, driven by a mix of geopolitical tensions, technical breakdowns, and mass liquidations.
What Triggered the Crash?
The immediate cause of the market crash was a major geopolitical event — U.S. airstrikes on Iranian nuclear sites on June 22. Ordered by President Donald Trump, the attack heightened fears of a broader conflict in the Middle East. The move triggered a global “risk-off” sentiment, leading investors to dump riskier assets like cryptocurrencies in favor of safer options such as gold and the U.S. dollar.
As a result, over $636 million in crypto leveraged positions were liquidated, sending shockwaves through the market.
Bitcoin (BTC) plunged sharply to $100,000 before managing a partial recovery. Despite the bounce, overall market sentiment remains in a tricky spot.
Ethereum also faced heavy selling pressure, falling over 10% in a single day to around $2,196. XRP wasn’t spared either, dropping nearly 9% to trade at $1.97. Other cryptocurrencies like Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) also suffered losses ranging from 7% to 15%.
Analysts warn that unless tensions between the U.S. and Iran ease, cryptocurrencies are likely to remain under pressure. Now all attention is on whether Bitcoin can hold above the $100,000 support level. If it fails, further losses could drag the market lower.
The Crypto Fear & Greed Index currently sits at 40 (Neutral), but this could quickly swing toward “Fear” if geopolitical tensions intensify in the coming days.
Hence, The crypto market is currently driven more by geopolitical events than technical patterns. Until the situation stabilizes, volatility is expected to remain high.
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