Why is the crypto market down today?
Crypto market volatility rises in reaction to Israel’s attack on Iran, but the technical setup suggesting that the uptrend still remains intact.
Key points:
The total crypto market cap fell 4% to $3.24 trillion on June 13, in response to Israel’s attack on Iran.
Over $1.15 million in crypto futures liquidated, with $1 billion in longs.
The total crypto market cap‘s bull flag suggests the uptrend remains intact.
The combined valuation of all cryptocurrencies has fallen by more than 4% in the past 24 hours to reach $3.24 trillion on June 13 in reaction to Israel striking Iran
Crypto prices fall as Israel strikes Iran
Geopolitical instability, particularly in the Middle East, has rattled global financial markets, including cryptocurrencies. Israel has conducted a military operation inside Iranian airspace, bringing the conflict closer to an all-out war.
Israeli Prime Minister Benjamin Netanyahu said his country has attacked Iran’s nuclear program and other targets across the country, and that the strikes will continue until the threat is removed.
Bitcoin BTC $102,416
dropped by as much as 5.6% to as low as $102,700 on Bitstamp before recovering to the current levels above $104,000. Other cryptocurrencies fared even worse, with Ether
ETH $2,388
dipping as low as $2,400 on June 13, marking 9.4% losses over the last 24 hours. XRP
XRP $2.07 and Solana SOL $137
also witnessed significant losses, down 5.8% and 9.6%, respectively.
