A tumultuous week in the crypto market ended with notable declines in Bitcoin and Ethereum prices amid rising geopolitical tensions triggered by US airstrikes on Iran's nuclear sites.
Crypto Market Experiences Sharp Decline
The crypto market slumped over the weekend following President Donald Trump's order for US airstrikes against Iranian nuclear facilities. In the past 24 hours, Bitcoin and Ethereum fell by over 2.8% and 9%, respectively, while major altcoins like Virtuals Protocol and Celestia dropped more than 9%.
Iran Imposes Restrictions on Crypto Exchanges
The Central Bank of Iran restricted operating hours for crypto exchanges from 10 AM to 8 PM following a politically motivated hack on the country's largest trading platform, Nobitex, resulting in losses exceeding $90 million. The June 18 attack drained assets, making them unrecoverable.
Reddit's Technological Innovations and Future Investments in Crypto
Reddit is considering integrating the World ID biometric verification system from Sam Altman, which scans irises without storing personal data, to address increasing threats from AI and bot abuse. Meanwhile, 18 crypto projects secured a total of $159.5 million in funding, despite market volatility.
Thus, the week showcased high volatility in the crypto market driven by global geopolitical factors, while investments in crypto projects remain resilient.
