Why Is the Crypto Market Going Down Today?

The cryptocurrency market is facing pressure today, as growing geopolitical tensions in the Middle East fuel investor uncertainty. The global crypto market cap has dropped by 4.47% to $3.18 trillion, with top assets like Bitcoin, Ethereum, and XRP all sliding in the past 24 hours.

Bitcoin is currently trading at $104,954, down over 2%, while Ethereum has fallen to $2,522 after a 2.66% dip. XRP has been hit even harder, plunging over 9% to $2.16 as traders react to both market volatility and delays in its ETF decision. Altcoins like Solana, Cardano, and Dogecoin are also under pressure, with Cardano sliding 3.5% and Dogecoin shedding over 2%. The Fear & Greed Index now stands at 48.

Geopolitical Tensions Adding to the Pressure

Adding fuel to the fire is the latest escalation in the Iran-Israel conflict. Reports confirmed that Iran has showcased its hyper-ballistic missiles, capable of targeting Tel Aviv and bypassing Israel’s Iron Dome. In response, Israel bombed Iran’s state-run broadcast station in a bold move aimed at silencing propaganda.

Meanwhile, the U.S. President Donald Trump abruptly left a G7 summit in Canada to return to Washington, sparking rumors of an imminent U.S. intervention. Trump warned citizens to immediately evacuate Tehran, posting on Truth Social that Iran “should have signed the deal” and hinted at the possibility of severe military action.

Polymarket odds of U.S. involvement surged to 70%, raising concerns on Wall Street and in crypto markets alike. 

Price Prediction: Could Bitcoin Drop to $100K?

If tensions continue to rise and the U.S. signals direct involvement, Bitcoin could test the psychological $100,000 support level in the coming sessions. A break below that could open the door for a sharper drop toward the $92,000–$95,000 zone, a region traders have been eyeing as a possible pullback target.

Ethereum may follow suit, with short-term support seen at $2,400. If broken, ETH could slip further to $2,200.