The crypto market was routed as Bitcoin (BTC) and other cryptocurrencies plummeted after Israeli military strikes on Iranian cities sparked a global sell-off. The flagship cryptocurrency traded around $108,000-$109,000 on Thursday before plunging to a low of $103,053 on Friday as market sentiment worsened and bullishness evaporated. The flagship cryptocurrency is down over 3% in the past 24 hours, trading around $104,389. Ethereum (ETH) also plunged into the red, down over 9%, slipping below $2,600. The world’s second-largest cryptocurrency is struggling to stay above $2,500, with sellers in control.
Ripple (XRP) is down over 5%, trading around $2.12, while Solana (SOL) fell below $150 after registering a decline of almost 10% in the past 24 hours. Dogecoin (DOGE) is down nearly 9%, while Chainlink (LINK) is down over 9%, trading around $13.25. Stellar (XLM), Toncoin (TON), Hedera (HBAR), Litecoin (LTC), and Polkadot (DOT) also registered substantial declines.
Crypto Markets Plunge As Middle East Tensions Escalate
Bitcoin (BTC) plunged into bearish territory late on Thursday/early Friday as Israeli airstrikes on major Iranian centers escalated tensions in the Middle East. Hopes of a move to a new all-time high were dashed as investors attempted to grapple with geopolitical realities, triggering a sharp retreat across the crypto market. The sell-off also led to the liquidation of over $427 million in long positions in the past 24 hours as bearish sentiment intensified. Israeli officials confirmed targeted airstrikes near Tehran and Tabriz, calling it a preemptive response to Iran’s nuclear threat.
Prime Minister Benjamin Netanyahu’s words offered little comfort to markets after he said the operation was a necessary step and would continue for as many days as it takes. Iran is yet to issue a response to the airstrikes. However, state media has reported airspace closures.
CFTC Does Not Plan On Giving Industry Easy Ride
Commodity Futures Trading Commission (CFTC) acting Chair Caroline Pham has said the Trump administration’s relaxed attitude toward crypto does not mean the industry gets a free pass. Pham stated that just because the administration is pro-innovation and pro-growth, companies cannot get away with breaking the law.
“There is no easy street for anybody, and regulators aren’t easy. Just because we are pro-innovation and pro-growth does not mean that you’re going to be able to get away with breaking the law. And this is where I’m talking about not twisting the law to criminalize an asset class or a technology, but I’m talking about lying, cheating, and stealing.”
Pham added that she was pleased the CFTC could end the “regulation by enforcement” approach to crypto and refocus its attention on catching fraudsters and scammers in our markets. According to Pham, the Biden administration went beyond what the law states, adding that its aggressive approach also harmed the traditional forex and derivatives market.
“When we start to change the rules for [...] global derivatives markets because we’re trying to be creative and ‘flex it’ to go after what we perceive to be bad or evil — crypto or blockchain — that is really breaking the fabric of our global markets.”
FSB Warns Crypto Is Nearing A Tipping Point
The Financial Stability Board (FSB) has warned about growing risks from the crypto space and its deepening ties with the traditional markets. Outgoing FSB Chair Klaas Knot said that while crypto does not yet post a systemic risk to traditional finance, that may not be the case for long. Knot highlighted that entry barriers for retail investors dropped significantly after crypto ETFs. ETFs allow investors to gain exposure to digital assets without the complexities of private keys, crypto wallets, and exchanges.
Knot also flagged concerns about the stablecoin market, noting that issuers now hold large amounts of US Treasurys, increasing the association between crypto and traditional markets. He added that authorities must closely monitor the stablecoin space. Stablecoins have become increasingly embedded into the financial system, with their total market cap reaching $251 billion.
Binance To Allow Syrian Users To Trade In Crypto
Binance, the world’s largest cryptocurrency exchange, will allow users in Syria to trade in crypto after the US lifted sanctions on the country last month. Binance stated that Syrians will be granted full access to its offering of over 300 cryptocurrencies and stablecoins. The exchange also added support for the Syrian pound to buy and sell crypto on the platform. The Trump administration surprised many by announcing that it was lifting sanctions against Syria after a new government seized control after overthrowing former leader Bashar-al-Assad in December.
Bitcoin (BTC) Price Analysis
Bitcoin’s (BTC) downward slide gathered steam as markets plunged after a significant escalation in Middle East tensions following Israeli airstrikes on Iranian military installations. As a result, BTC and the broader crypto market fell, with the flagship cryptocurrency dropping to a low of $102,832 during the ongoing session. BTC traded around $109,000 until late Thursday, with investors and market watchers hopeful about a move past $111,000 to a new all-time high. However, geopolitical realities crushed market sentiment, which turned bearish as investors sold their positions and flocked to safer assets.
BTC has slumped below $105,000, with traders attempting to prevent a further decline. However, bearish sentiment has the upper hand, with the sudden slump sending shockwaves through the crypto market. BTC’s decline dragged the entire market down, with the market cap plummeting nearly 5% to $3.24 trillion. 10x Research stated in a post on X,
“Bitcoin Just Lost Its Breakout — Here’s the Support Level That Matters Now. Bitcoin’s breakout above $106,000 didn’t hold, and that could mean more than just a failed rally. Bitcoin needed to hold above the $106,000 breakout level. Falling back below this threshold invalidates the Monday breakout signal and reinforces our cautious stance.”
Bitcoin entrepreneur Anthony Pompliano pointed out that while gold and oil prices are rising and BTC is falling, this trend could reverse, adding that the market reaction was similar to when Iran launched rockets at Israel in October.
“Bitcoin ended up outperforming the other two over the first 48 hours in that situation. Will be interesting to see what happens here.”
BTC started the previous week with a drop to $103,768 as buyers lost momentum. However, it rebounded from this level to register a marginal increase and settle at $105,902. The price lost momentum on Tuesday, falling 0.44% to $105,436. Sellers retained control on Wednesday as BTC fell almost 1%, slipping below $105,000 and settling at $104,752. Selling pressure intensified on Thursday as BTC plunged 3%, falling to a low of $100,424 before settling at $101,614. The decline was short-lived as the price recovered on Friday, rising nearly 3% and moving to $104,378.
Source: TradingView
BTC remained positive over the weekend, rising .15% on Saturday and registering a marginal increase on Sunday to reclaim $105,000 and settle at $105,784. The flagship cryptocurrency started the week on a bullish note, rising over 4% to cross the 20-day SMA and $110,000 to settle at $110,251. BTC fell to an intraday low of $108,335 on Tuesday before recovering to reclaim $110,000 and settle at $110,253. However, price action turned negative on Wednesday as BTC fell 1.42% to $108,687. Bearish sentiment intensified on Thursday as the price fell nearly 3%, slipping below the 20-day SMA and settling at $105,828. Bearish sentiment intensified during the ongoing session as tensions in the Middle East escalated. As a result, BTC fell to an intraday low of $102,832 before reclaiming $105,000 and moving to its current level.
Ethereum (ETH) Price Analysis
Ethereum (ETH) plunged to a low of $2,440 during the ongoing session as the crypto markets turned bearish after a significant escalation in Middle East tensions. The world’s second-largest cryptocurrency extended its losses for a third consecutive day, indicating waning bullish momentum after a rally that saw it surge to $2,878. Investors hoped for a move beyond $3,000 before bearish sentiment took over. However, despite the decline, on-chain data has shown that ETH witnessed its largest daily withdrawal in over a month, a development that could act as a catalyst for upward momentum in the asset’s price.
According to DeFi solutions provider Sentora, significant numbers of ETH left exchanges. The post highlighted the “Exchange Netflow” indicator, which measures the net amount of ETH entering or exiting wallets associated with centralized exchanges. When this metric is positive, it indicates that exchanges are receiving deposits, potentially for selling. However, when the indicator is negative, it suggests fewer exchange deposits, a sign that investors may be holding their assets for the long term.
ETH started the previous week positively, rising nearly 3% to cross the 20-day SMA and settle at $2,607. The price fell back on Tuesday, registering a marginal decline, but recovered on Wednesday to reclaim $2,600 and settle at $2,607. Bearish sentiment intensified on Thursday as ETH plunged over 7%, slipping below the 20-day SMA and $2,500 to $2,415. However, it recovered on Friday, rising nearly 3% and settling at $2,479. Price action remained positive on Saturday as ETH rose almost 2% to reclaim $2,500 and settle at $2,525. Despite the positive sentiment, ETH fell on Sunday, ending the weekend at $2,511 after a marginal decline.
Source: TradingView
ETH started the current week on a bullish note, rising nearly 7% to reclaim $2,600 and settle at $2,680. Bullish sentiment persisted on Tuesday as the price rose over 5% to cross the 200-day SMA and $2,800 to settle at $2,816. ETH lost momentum on Wednesday after reaching an intraday high of $2,878, dropping nearly 2% to $2,772. Sellers retained control on Thursday as the price fell 4.57%, slipping below $2,700 and settling at 2,645. The current session has seen bearish sentiment intensify as ETH fell to a low of $2,440 before recovering to reclaim $2,500.
Meanwhile, a leading Geth developer has accused the Ethereum Foundation (EF) of secretly creating and funding a second Geth team. Validators use the Geth client to execute transactions. The developer stated in an X post.
“EF started and funded a second Geth team inside Nethermind. One '100% independent fork from us, with no intended collaboration,' according to Josh Stark, and they didn't tell either me, Felix, or Martin until I found out in November 2025.”
Solana (SOL) Price Analysis
Solana (SOL) came dangerously close to slipping below $140 during the ongoing session as it plunged to $140. SOL had surged to an intraday high of $168 as its rally peaked on Wednesday before losing momentum and falling below $150. Bearish sentiment in crypto has intensified after tensions in the Middle East escalated, threatening to cascade into a wider conflict.
SOL started the previous week in the red, registering a marginal decline to $156. It raced to an intraday high of $164 on Tuesday but lost momentum after reaching this level, falling 1.05% to $155. Sellers retained control on Wednesday as the price fell 1.29% to $153. Bearish sentiment intensified on Thursday as the price dropped almost 6%, plunging below $150 and settling at $144. Despite the overwhelming selling pressure, SOL rebounded on Friday, rising 2.47% and settling at $147, but not before reaching an intraday high of $152.
Source: TradingView
The price remained positive over the weekend, rising 1.51% on Saturday and 1.56% on Sunday to reclaim $150 and settle at $152. Bullish sentiment intensified on Monday as SOL rose nearly 6%, crossing $160 and the 20 and 50-day SMAs and settling at $161. The price continued to push higher on Tuesday, rising 2.44% to $165. However, it was back in the red on Wednesday, falling 2.48% to $161. Bearish sentiment intensified on Thursday as SOL plunged over 5%, slipping below the 20 and 50-day SMAs and settling at $152. SOL fell to an intraday low of $140 during the ongoing session before recovering and moving to its current level. Despite the recovery, SOL remains down by almost 5%.
Toncoin (TON) Price Analysis
Toncoin (TON) faced volatility and selling pressure at the beginning of the previous week, falling to a low of $3.10 before rebounding to register a marginal increase and settle at $3.20. The price lost momentum on Tuesday, falling almost 1% to $3.18. Sellers retained control on Wednesday as TON fell to $3.16. Selling pressure intensified on Thursday as the price fell nearly 4%, slipping below the 20 and 50-day SMAs and settling at $3.04. Despite sell pressure, TON recovered on Friday, rising almost 4%, crossing the 20 and 50-day SMAs, and settling at $3.15.
Source: TradingView
Price action was mixed over the weekend as TON rose almost 1% on Saturday before registering a marginal decline on Sunday to settle at $3.17. Bullish sentiment returned on Monday as TON rose 4% to $3.30. Price action remained positive on Tuesday, rising 1.20% and settling at $3.34. However, sentiment changed on Wednesday as the price fell over 3% and settled at $3.23. Bearish sentiment intensified on Thursday as the price plunged over 4%, slipping below the 20 and 50-day SMAs and settled at $3.09. The current session sees TON down 4.36%, trading around $2.95 after recovering from a low of $2.90.
Aptos (APT) Price Analysis
Aptos (APT) registered a sharp decline on Monday (June 2, falling to a low of $4.66. It recovered from this level to register an increase of almost 2% and settle at $4.89. Buyers retained control on Tuesday as the price rose nearly 1% to 4.93. Price action turned bearish on Wednesday, dropping almost 3% to $4.79. Bearish sentiment intensified on Thursday as APT plunged over 6%, slipping below $4.50 and settling at $4.48. The price recovered on Friday, rising almost 3% to reclaim $4.50 and settle at $4.62.
Source: TradingView
Price action was mixed over the weekend as APT rose almost 3% on Saturday before dropping 0.77% on Sunday to settle at $4.71. APT started the current week on a bullish note, rising over 5% to $4.95. Buyers retained control on Tuesday as the price rose nearly 4%, crossing the 20-day SMA and reclaiming $5 to settle at $5.13. However, APT lost momentum on Wednesday, falling over 2% to $5.02. Selling pressure intensified on Thursday as APT plunged over 6%, slipping below the 20-day SMA and $5 to $4.71. The current session sees the price down over 6%, trading around $4.42.
Near Protocol (NEAR) Price Analysis
Near Protocol (NEAR) faced selling pressure at the beginning of the previous week and fell to a low of $2.37 on Monday (June 2) before recovering to settle at $2.50, ultimately registering an increase of $2.50. The price registered a marginal decline on Tuesday before dropping 2.46% on Wednesday and settling at $2.44. Selling pressure intensified on Thursday as NEAR plunged nearly 8% to $2.25. Despite the overwhelming selling pressure, NEAR recovered on Friday, rising over 3% to $2.32.
Source: TradingView
The price continued to push higher on Saturday, rising over 4% and settling at $2.42. However, it was back in the red on Sunday after a marginal decline, ending the weekend on a bearish note. NEAR started the current week positively, rising over 5% to reclaim $2.50 and settle at $2.54. The price continued to push higher on Tuesday, rising 4.43% to cross the 20-day SMA and settle at $2.65. NEAR failed to cross the 50-day SMA on Wednesday as sentiment turned bearish. As a result, the price fell over 3% to $2.57. Selling pressure intensified on Thursday as the price plunged nearly 8%, slipping below the 20-day SMA and settling at $2.23. The current session sees the price down almost 6%, trading around $2.23.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
