The crypto market suffered a significant crash in the early hours of Wednesday. The trigger was new US airstrikes on Iran, followed by a retaliatory announcement from the Islamic Revolutionary Guard Corps. Bitcoin fell to a six-week low of under $73,000, while nearly all major crypto assets recorded massive losses.
New escalation in the Iran conflict as the trigger
On Wednesday evening (local time), the news agency Reuters reported that the US had once again carried out military strikes against Iran. The target was apparently a military facility; further details initially remained unclear. The Islamic Revolutionary Guard Corps (IRGC) responded promptly with a statement claiming to have attacked a US base, without naming the location or method.
The developments are threatening a fragile ceasefire that had recently existed between the conflicting parties. US President Donald Trump, meanwhile, stated that he did not feel pressured by rising oil prices and did not want to be guided by the upcoming midterm elections either. Additionally, a threat by Trump against Oman over access to the Strait of Hormuz caused further unrest in the markets.
Bitcoin drops to six-week low
On Thursday morning, BTC was already trading at just $72,894, a decline of 3.51 percent compared to the previous day and 6.32 percent compared to the previous week. This marks Bitcoin’s weakest level in around six weeks.
Ethereum and other major altcoins followed the downward trend, in some cases with even steeper percentage losses. Zcash and Hyperliquid were hit particularly hard, while the token UNUS SED LEO was the only one to close in positive territory.
Market overview: Losses across the sector
| # | Crypto Asset | Price | 24h % | 7d % |
|---|---|---|---|---|
| 1 | Bitcoin (BTC) | $72,894.74 | -3.51% | -6.32% |
| 2 | Ethereum (ETH) | $1,975.37 | -4.69% | -7.73% |
| 4 | BNB (BNB) | $633.27 | -3.06% | -3.06% |
| 5 | XRP (XRP) | $1.27 | -3.85% | -7.28% |
| 7 | Solana (SOL) | $80.40 | -3.83% | -7.22% |
| 8 | TRON (TRX) | $0.3640 | -2.43% | +1.27% |
| 9 | Dogecoin (DOGE) | $0.09722 | -4.11% | -8.01% |
| 10 | Hyperliquid (HYPE) | $56.97 | -6.35% | +1.72% |
| 11 | UNUS SED LEO (LEO) | $10.06 | +0.22% | -0.13% |
| 12 | Zcash (ZEC) | $528.27 | -6.84% | -21.48% |
| 13 | Cardano (ADA) | $0.2281 | -4.76% | -8.92% |
Geopolitics weighs on traditional markets too
The effects of the Iran conflict are not limited to the crypto market. Stock markets also recorded losses, while oil prices rose as a result of the new tensions surrounding the Strait of Hormuz. This strait is one of the most important transit routes for global oil supplies, meaning any escalation in the region has an immediate impact on energy markets.
Observers point out that the crypto market had already been under pressure recently, and the geopolitical news acted as an additional catalyst.
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