The cryptocurrency market has witnessed significant price declines due to escalating geopolitical tensions in the Middle East. Major assets such as Bitcoin, Ethereum, and XRP have seen considerable price drops in the past 24 hours.
Overall Condition of the Cryptocurrency Market
The total market capitalization of the cryptocurrency sector has decreased by 4.47%, now standing at $3.18 trillion. Currently, Bitcoin is trading at $104,954, down by 2%, while Ethereum has fallen to $2,522 after a 2.66% dip. XRP has also been hit hard, plunging over 9% to $2.16.
Geopolitical Situation and Its Impact
The escalating tensions in the Iran-Israel conflict are adding to investor concerns. Reports of Iran's hyper-ballistic missiles capable of targeting Tel Aviv are increasing pressure. In response, Israel conducted an airstrike on an Iranian state-run broadcaster. Meanwhile, U.S. President Donald Trump abruptly left the G7 summit, sparking rumors of possible U.S. intervention. In a post on Truth Social, he warned citizens against traveling to Tehran, stating that Iran "should have signed the deal."
Price Predictions for Bitcoin and Ethereum
If tensions continue to escalate, Bitcoin may test the psychological $100,000 support level. A break below this could lead to a sharper decline toward the $92,000–$95,000 zone. Ethereum may follow suit, with short-term support seen at $2,400. If broken, ETH could slip further to $2,200.
Thus, the current state of the cryptocurrency market demonstrates a high sensitivity to global political events. Investors will closely watch developments in the Middle East, as this may significantly impact future price movements.
