US-Iran Tensions Send Crypto Market into Free Fall

Renewed US-Iran tensions pushed leading cryptocurrencies into the red over the weekend. Bitcoin attempted to break above $60,000 but was met with sharp selling pressure that sent it below $59,000. Ethereum traded near the $1,500 mark, while trading volume rose by 10% in the last 24 hours.

XRP and Dogecoin were also down as a result of the market downturn. The global cryptocurrency market capitalization fell 3.38% to $2.02 trillion, according to Coinglass data. Over $180 million was liquidated from the market, with longs being overwhelmingly affected.

Bitcoin's open interest dropped by 0.69%, but traders on Binance increased their long exposure despite extremely bearish sentiment in the market. The Crypto Fear & Greed Index reflected 'Extreme Fear' as investors took to selling rather than buying.