Geopolitical Tensions Trigger Crypto Market Sell-Off

Iran attacked Israel, triggering a crash in the crypto market with Bitcoin dropping nearly 10% and altcoins falling by double digits. Over $950 million was liquidated.

The attack led to Bitcoin tumbling from around $68,000 down to $60,800 before recovering to $64,400. Ethereum and other major cryptos saw significant declines.

Analysts attributed the sell-off to Bitcoin's role as a macro hedge asset exposed to geopolitical risks. However, they see opportunities to buy the dip based on historical profitability.

The crash brought traders' unrealized profits down to nearly zero, typically signaling a bottom in bull markets per CryptoQuant.

Tensions remain high between Iran and Israel, with Iran warning of harsher responses if Israel retaliates. This could spur further crypto market volatility.