In the past 24 hours, the cryptocurrency world has been bombarded by both the fires of war in the Middle East and legislation from Washington. Bitcoin (BTC) has fallen from a high of $110,261, breaking below the $100,000 mark, with retail investors exclaiming, 'Our wallets are going to burst'; Ethereum (ETH) has collapsed in price, like a city affected by war, with despair everywhere; Binance Coin (BNB) has also not escaped, resembling a merchant ship in a storm, teetering on the edge. Amidst the panic in the market, the U.S. Senate's (GENIUS Act) bill has acted like a shot of adrenaline, causing the market cap of stablecoins to surge, igniting hope among investors. This is not an ordinary fluctuation of K-lines; this is a grand drama in the crypto world intertwined with 'geopolitical thrillers' and 'regulatory comedies!'
💣 Missile storm: The 'battlefield escape' of the three major coins
Last night, the night sky over the Middle East was shattered by warplanes, and Israel's airstrikes on Iranian nuclear facilities made the global financial markets tremble. Bitcoin (BTC) plummeted like a struck bird, falling from a high of $110,261 to $98,467, a drop of 10.7%, finally gasping at $101,255, with a daily drop of 3.66%. Ethereum (ETH) fared worse, like a village burned by war, collapsing from $2,808 to $2,135, a drop of nearly 24%, barely crawling back to $2,238.96 at the close, down 2.30% for the day. Binance Coin (BNB) also resembled a merchant ship in a storm, sliding from $673 to $602, a drop of 10.5%, finally stalling at $619.66, down 2.12% for the day.
What triggered this market crash? Israeli airstrikes and U.S. involvement have left investors terrified, leading to a sell-off of high-risk assets, with cryptocurrencies being the first to suffer. On platform X, retail investors are crying out in despair, with one joking, 'The missiles haven't even hit the ground, but the K-line has already exploded!' The Fear & Greed Index has fallen to 40, shifting market sentiment from 'neutral' to 'fear.' Technically, Bitcoin has broken below the $100,000 support level, triggering stop-loss orders; Ethereum has lost the 200-day moving average (around $2,773), with bears rampant.
The three major currencies are like wounded soldiers crawling back from the battlefield, battered but unbroken. The late-session rebound indicates that someone is picking up chips at the lows. The K-lines in the crypto world have always been a reflection of a bloody history.
🌋 Aftershocks of war: Oil prices and gold soar, the crypto world becomes a 'punching bag'
The smell of gunpowder in the Middle East is becoming more intense. Israel has launched precise airstrikes on military facilities in Iran's Kerman and Hamadan, with Iran threatening retaliation. The UN Security Council held an emergency meeting, warning that the situation is 'extremely dangerous.' Markets are worried that escalating conflicts could affect the Strait of Hormuz, causing global oil prices to soar. Brent crude has jumped from $75/barrel to $80/barrel, rising 6.7% in a day, with a monthly increase of 25%; WTI crude has risen to $76/barrel. As the king of safe-haven assets, gold's price has climbed to $3,500/ounce, rising 2% in a day.
Traditional markets are also turbulent. The S&P 500 index has fallen to 5,900 points, down 0.9% for the day; the Dow Jones index has plunged 1.5%. The crypto market, as a 'magnifying glass for risk assets,' is at the forefront. On-chain data shows that USDT and USDC trading volumes have surged to $35 billion and $28 billion respectively, as investors flee to stablecoins. On platform X, someone lamented, 'Missiles fly faster than K-lines, stablecoins are the real safe haven.'
The fires of war in the Middle East have struck a heavy blow, shattering the crypto world's 'safe-haven dream.' While oil prices and gold reign supreme, Bitcoin can only tremble in the corner. Want to be 'digital gold'? First, ask if the missiles agree!
🚀 South Korea's 'battlefield black market': Upbit's trading volume explodes
Just when the global market is in panic, South Korea's Upbit exchange is like a 'black market' in the battlefield, bustling with activity. In the past 24 hours, Upbit's trading volume has surged from $1 billion to $2 billion, a 200% increase. The XRP/KRW trading pair has become the focus, with a trading volume of $300 million, accounting for 15% of total trading volume. South Korean retail investors are like 'speculative traders' on the battlefield, betting wildly on XRP amidst the volatility.
Why is XRP so popular? Its low transaction fees and high liquidity act like 'hard currency' amidst the chaos of war, attracting retail investors. The South Korean market is known for its speculative enthusiasm, and the 'gunpowder smell' of geopolitical tensions has instead ignited trading enthusiasm. On platform X, someone quipped, 'Missiles can't blow up South Korea's K-lines!' South Korea's lenient regulations on cryptocurrencies also provide fertile ground for capital inflow.
Upbit's trading volume has skyrocketed, making XRP the 'battlefield gold' for South Korean retail investors. While global markets are fleeing, South Koreans are dancing on the K-lines. The madness in the crypto world has always had a stage!
🐳 The 'trench duel' between whales and retail investors
As the market fluctuates, the 'battlefield' between retail investors and whales becomes clearer. Retail investors are crying on platform X, but whales are like veterans in the trenches, calmly strategizing. On-chain data shows that a large amount of BTC and ETH has been transferred to cold wallets, indicating that institutions or large players are accumulating at the lows. On-chain analyst Ai Yi revealed that a giant whale holds 19 long positions on HyperLiquid, with a floating loss of $22 million, yet is still 'holding on.' Another whale transferred 2,000 ETH to Binance, worth about $4.3 million, suspected of selling, but then several addresses cumulatively bought 3,000 ETH, indicating clear signs of bottom-fishing.
Grayscale Ethereum Trust recorded a net redemption of $15 million, indicating institutions' confidence in ETH is not as strong as in BTC. However, Bitcoin's over-the-counter ETF continues to attract funds, with an inflow of about $50 million in a single day, showing the resilience of long-term investors. A hacker organization claiming to be the 'Middle Eastern ghost' has threatened to attack crypto exchanges on the dark web, raising alarms, but no substantial losses have been reported.
Retail investors shout 'cut losses' in the trenches, while whales gather chips amidst the smoke. The more chaotic the market, the bolder the bets. The battlefield of the crypto world is always a paradise for the daring!
🔥 'New stars' in turbulent times: Legislation and innovation
Even amidst the chaos of war, the innovation machine in the crypto world has never stopped. On June 17, the U.S. Senate passed the (GENIUS Act), establishing a regulatory framework for stablecoins, causing the market cap of stablecoins to soar to $25.17 billion. Circle's stock price surged by 400%, demonstrating the market's enthusiasm for regulatory clarity.
Tether Treasury has minted 1 billion USDT on the Tron network, like injecting 'wartime supplies' into the market. The new DeFi protocol 'YieldStar' has launched on Ethereum, attracting $50 million in locked-up volume within 24 hours, showcasing the resilience of the DeFi ecosystem. Senator Cynthia Lummis's (RISE Act) proposal provides civil litigation protection for AI and blockchain developers, indirectly benefiting crypto technology.
The market is crashing like a dog, while project teams are still weaving dreams. The stablecoin legislation and YieldStar's locked volume indicate that the crypto world is never short of liquidity; what it lacks is confidence.
📉 Battlefield aftermath: Not crazy, but not gentle either
Today's crypto market resembles a 'frog boiled in warm water' battle: Bitcoin holds at $101,255, like a stubborn old soldier; Ethereum gasps at $2,238.96, like a battered warrior; BNB steadies at $619.66, as if a safe haven in the storm. The total liquidation amount across the network reaches $1.015 billion, with 243,272 people crushed by the market, 80% of whom are long positions. The largest single liquidation occurred on HTX, valued at $35.45 million.
Time for hindsight:
This Middle Eastern drama tells us: the true safe-haven assets are gold and oil, Bitcoin still has to wait in line. 'The noise of geopolitical events is always temporary, the future of blockchain is what lasts.'
A crazy statement:
'With missiles flying and legislation coming in, the K-lines in the crypto world are never short of drama! Want to stabilize? First digest the fires of war and legislation!'
🧠 Final remarks: The 'survival rules of the battlefield' in the crypto world
The market turmoil triggered by the fires of war in the Middle East and the stablecoin legislation reveals the vulnerabilities and resilience of the crypto market. Bitcoin has dropped below $100,000, and the flash crashes of Ethereum and BNB prove that the crypto world struggles to remain unaffected in the face of global risk events. The surge in oil and gold prices reminds us that the status of traditional safe-haven assets is hard to shake in the short term. However, the surge in trading volume on Upbit, whales bottom-fishing, and the passage of the (GENIUS Act) showcase opportunities and hope in the crypto world.
In the short term, the market may continue to fluctuate due to geopolitical uncertainties. Investors are advised to remain cautious and pay attention to USDT/USDC trading volumes and BTC ETF fund flows. In the long run, regulatory clarity is key to the crypto market's move towards mainstream acceptance, and buying on dips may present a good opportunity.
