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A ? $240 billion was wiped out

The cryptocurrency market has come under tremendous pressure over the past week, primarily due to increasing geopolitical risks. On June 21, the total cryptocurrency market fell by 1.26% to $3.21 trillion, wiping out nearly $240 billion in value. Bitcoin led the drop, slipping to a low of $103,127, down 2% in just seven days. Altcoins were hit harder—Ethereum dropped to $2,456, losing 10% during the same period. But what exactly is causing the crypto market crash? Let’s break it down!Israel-Iran War and US Involvement ConcernsThe biggest driver was the escalating conflict between Israel and Iran. Cryptocurrency investors are now worried that the US may enter the war, as Trump has already warned Iran against signing a deal.As a result, Bitcoin fell from $108,000 to $103,000 in a week, while Ethereum and Solana & Dogecoin also dropped over 10%. Whale Sell-offs Taking ProfitsWhales have started selling massive amounts of Bitcoin and transferring altcoins on exchanges. According to Glassnode data, wallets that held BTC for 6-12 months recently sold over $900 million. Even those who held Bitcoin for over a year started cashing out. In early June, long-term holders realized $1.2 billion.