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Why is crypto down today? Bitcoin, Ethereum, Solana sink as Israel strikes Iran:
The cryptocurrency market plunged on Friday, June 13, as rising geopolitical tensions in the Middle East rattled investors.
Following news that Israel had launched a major military operation against Iran, digital assets tumbled sharply. The total crypto market capitalization dropped 7% over the past 24 hours to $3.3 trillion.
Bitcoin btc-3.35%Bitcoin declined around 5%, trading at $103,464 as of press time. Ethereum eth-9.18%Ethereum fell 10% to $2,471, while Solana sol-9.87%Solana dropped 11% to $141. XRP xrp-6.25%XRP and BNB bnb-2.88%BNB also lost ground, down 6% and 4% respectively.
Data from CoinGlass shows that crypto liquidations surged 125% in a single day, reaching $1.2 billion. Open interest across crypto futures markets fell 9.7% to $142 billion, while the relative strength index sank to 28, indicating the market had entered oversold territory.
Despite the selloff, the Crypto Fear & Greed Index, compiled by software firm Alternative, remained in the “Greed” zone at 61, though down 10 points from the previous day. The drop in sentiment reflects investor uncertainty, as traders assess the risk of broader conflict.
The market turmoil followed an early morning attack by Israel on Iran. According to a Reuters report, Israeli forces hit multiple high-value targets, including uranium enrichment facilities in Natanz, ballistic missile production sites, and the headquarters of Iran’s elite Revolutionary Guard Corps in Tehran. Iranian state media reported the death of General Hossein Salami and civilian casualties, including children.
Israeli prime minister Benjamin Netanyahu said the strikes marked the beginning of “Operation Rising Lion,” a campaign aimed at neutralizing Iran’s nuclear threat. Israel has declared a state of emergency, closed its main airport, and raised air defenses in anticipation of retaliatory attacks.