The crypto market faced a downturn amid renewed geopolitical instability. Today, Bitcoin's price fell below $103,000 with a nearly 3% loss.
Bitcoin and Altcoin Price Drop
Bitcoin dropped to **$103,000**, recording a daily loss of nearly **3%**. The price later rebounded slightly. Altcoins also felt the pressure:
* **Ethereum** fell over **8%** in 24 hours. * **Solana** dropped **9.2%**, leading the decline among major coins. * **DOGE**, **ADA**, and **TRX** also lost between **7% to 8%**.
Reasons for the Crypto Market Crash
The selloff was triggered by reports of **explosions in Iran** related to Israeli strikes, prompting swift investor reactions to the risk of escalating conflict. Investors began to:
* Exit risk-heavy assets like crypto. * Liquidate leveraged positions. * Rotate into safe-haven assets like gold and U.S. dollars.
Over **$1 billion in long positions** were liquidated across all crypto exchanges in the last 24 hours, according to data from Coinglass.
Outlook for Bitcoin and Altcoins
Market analysts suggest that **technical support for Bitcoin may form around the $101K level**, but any sustained recovery will likely depend on further geopolitical developments. This incident highlights that during real-world conflicts, **liquidity and risk-off sentiment dominate**.
Recent events in the Middle East significantly impacted the crypto market, causing prices of Bitcoin and other altcoins to drop. In the coming days, further geopolitical news will be critical for market recovery.
