Crypto Markets Plunge Amid US-Iran Tensions

Cryptocurrency markets traded in the red on Sunday as tensions escalated between the US and Iran. Bitcoin attempted to break above $60,000 but was met with sharp selling pressure that sent it below $59,000.

Ethereum meandered around the $1,500 region, while trading volume rose 10% over the last 24 hours. XRP and Dogecoin also traded in the red.

According to Coinglass data, over $180 million was liquidated from the cryptocurrency market in the last 24 hours, with most of it coming from longs. Bitcoin's open interest fell 0.69% over the same period.

Michaël van de Poppe, a popular cryptocurrency commentator, noted that the current market situation is a 'pretty interesting signal'. He suggested that if Bitcoin breaks back above $61,000, it could strengthen its bullish thesis and target the $65,000 resistance zone as its next goal.