Bitcoin plunged below $63,000 after geopolitical tensions escalated following military strikes involving Israel, Iran, and the United States. The broader cryptocurrency market shed over $100 billion in value, with numerous altcoins experiencing severe losses. Tokens like KCS, STABLE, and PIPPIN were among the day’s biggest losers, declining by up to 20%, while Binance Coin surpassed XRP in market capitalization during the sell-off.
Cryptocurrency markets faced sharp declines as geopolitical events triggered a major risk-off shift among investors. Bitcoin’s price dropped to under $62,800 after Israel launched an attack against Iran and a state of emergency was declared.
US President Donald Trump confirmed that the United States was also involved in the military action. This news introduced further volatility, with Bitcoin recovering slightly to trade near $63,400.
The primary cryptocurrency had already experienced significant volatility, bouncing from a low near $62,500 to almost $70,000 earlier in the week. Its market capitalization now stands at approximately $1.275 trillion, with its dominance over alternative coins falling below 56%.
Ethereum fell to around $1,850, while Solana dropped by double digits to under $80. Binance Coin took advantage of the turmoil, surpassing XRP in market cap after the latter fell by 9%.
Other major assets including Cardano, Bitcoin Cash, Dogecoin, and Chainlink also recorded substantial losses. The total market capitalization for cryptocurrencies fell below $2.3 trillion, erasing over $100 billion in value within a day.
