Bitcoin fell below the $99,000 mark on Sunday (June 22), reaching its lowest level in over a month, while Ethereum briefly plummeted more than 10% as the digital asset market began to digest rising geopolitical risks.

SOL, XRP, and Dogecoin also saw significant declines, dragging the entire cryptocurrency market down sharply.

By late Sunday evening, digital assets had begun to recover. Bitcoin was trading slightly below $101,000, down only 1% in the past 24 hours; Ethereum reduced some of its losses, recently down 2.5% to around $2,200.

According to CNBC, the sell-off appears to be a result of both geopolitical shocks and macroeconomic concerns.

Market risk aversion has rapidly intensified, with investors selling off risk assets. Cryptocurrencies collectively plunged, with Ethereum down more than 7%, Cardano and Dogecoin down over 6%, Solana down 4.63%, XRP down nearly 4%, BNB down 2.50%, and Bitcoin down 1.36%. Coinglass data shows that over 170,000 people were liquidated in the past 24 hours, with liquidation amounts reaching $675 million, of which nearly 90% were long liquidations.