The crypto market is experiencing a downturn today due to several factors:

- *Geopolitical Instability*: The recent conflict between Israel and Iran has rattled global financial markets, including cryptocurrencies. Investors are reducing exposure to risk-on assets, contributing to the sharp decline in crypto prices.

- *Market Sentiment*: Weakening market sentiment and reduced hopes for rate cuts have led traders to enter a risk-off mode, further contributing to the price drop.

- *Liquidations*: Over $1.15 billion in crypto futures liquidations, with $1 billion in longs, have exacerbated price drops and instilled fear among market participants, leading to further selling pressure.

- *Global Economic Uncertainty*: Uncertainty around government regulations and policies, such as potential monitoring of crypto wallets, is also contributing to market volatility.

Some specific data points include¹ ²:

- *Total Crypto Market Cap*: Fell by $196 billion to $3.17 trillion, with a critical support level at $3.16 trillion.

- *Bitcoin Price*: Dropped by 4.7% to $103,519, testing support at $102,734.

- *Ethereum Price*: Dipped as low as $2,400, marking 9.4% losses over the last 24 hours.

These factors have combined to create a bearish trend in the crypto market, but some analysts believe that the market could recover if conditions improve. #IsraelIranConflict