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.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
China, the world’s second-largest economy, is preparing to give its digital currency a stronger push.…
After years of sharp ups and downs, many crypto investors are still waiting for the…
Between December 22–26, Bitcoin spot ETFs experienced heavy outflows of $782 M across all 12 funds,…
Ethereum price is quietly attracting more liquidity across derivatives, on-chain activity, and exchange flows, even…
Silver prices have soared this year, making headlines and catching the attention of investors everywhere.…
China’s central bank announced a major overhaul of its digital yuan, allowing commercial banks to…
