Crypto Market Plunge Today: US-Israel Iran Strike Triggers $107 Billion Sell-Off

What Happened in the Crypto Market Today?

The crypto market saw a big drop today. The total market value fell by $107 billion in just 24 hours. It now sits at $2.20 trillion. This sharp fall came after news of a . Bitcoin dropped below $65,000, and many altcoins lost value too. One altcoin index, STABLE, fell by 15%.

The and Its Impact

Tensions in the Middle East rose fast. The US and Israel carried out a joint attack on Iran. This was a preemptive move. Israel then declared a state of emergency across the country. Such news scares investors. Crypto is seen as a risky asset. When bad news hits, people sell crypto and buy safe things like gold or US dollars.

Bitcoin fell to as low as $63,000 right after the news. Its daily loss hit nearly 7%. The whole market felt the pain. Risky assets like stocks and crypto often drop together in times like these.

Regulatory Hurdles Add Pressure

It’s not just war news. Talks in the US about crypto rules stalled too. The White House pushed for changes in the CLARITY Act. This bill deals with stablecoins that offer yields. But banks and crypto groups could not agree. The bill is stuck in the Senate. This adds uncertainty. Investors worry about future rules on stablecoins.

Key Market Levels to Watch

The total crypto market cap broke below a key support at $2.22 trillion. Now, it tests lower levels. If stock markets open weak on Monday, the cap could fall to $2.13 trillion. But if markets stay calm, it might bounce back to $2.22 trillion or even $2.30 trillion.

• Total Market Cap: Down to $2.20T from higher levels.
• Support Levels: $2.22T (key), $2.13T (next).
• Resistance: $2.30T if buyers return.

Bitcoin’s Sharp Decline

Bitcoin led the drop. It fell 4% in 24 hours, from $67,500 to $64,263. It lost the important $65,000 support. This makes the short-term trend bearish. Next support is at $62,893. If it breaks that, $60,000 could be in sight.

But hope is not lost. If Bitcoin holds and climbs back above $65,000, buyers might take control. It could then aim for $68,830 or $70,000. Breaking those would flip the trend to bullish.

Altcoins Hit Hard: STABLE’s 15% Crash

Altcoins did not escape. STABLE, a stablecoin index, was the worst hit. It dropped 15% after hitting a new all-time high. This is common in crypto. Profits are taken fast after peaks, especially in weak markets.

STABLE now tests $0.030 support. A break below could send it to $0.0254. But if it holds, and market mood improves, it might retest $0.039 high.

Why Does Crypto React So Strongly to Geopolitics?

Crypto is young and volatile. It acts like tech stocks. In past events, like the Russia-Ukraine war, Bitcoin dropped 10-20%. Gold rose as a safe haven. Today, the shows the same pattern. Investors flee risk when wars start.

Global markets matter too. If US stocks fall on Monday, crypto could drop more. Watch the Dow Jones and Nasdaq openings.

What Could Happen Next?

Short-term outlook is bearish. But crypto recovers fast if news calms. Key things to watch:

1. Stock market open on Monday.
2. More details on the Iran strike.
3. Any US regulatory news.
4. Bitcoin holding $62,000.

If panic fades, we could see a quick rebound. Long-term, Bitcoin bulls still believe in $100,000 by year-end. But today’s events remind us: crypto is tied to world news.

Tips for Traders in Volatile Times

• Use stop-loss orders to protect gains.
• Diversify into stablecoins like USDT or USDC.
• Watch on-chain data for whale moves.
• Stay updated on global news.
• Avoid FOMO buys in downtrends.

The shook the crypto world today. But markets move in cycles. Stay patient and informed.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.