Global Crypto Market Slumps Amid US-Iran Tensions

The global cryptocurrency market experienced a significant downturn on Thursday, with major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) leading the decline. According to data from Coingecko, the total crypto market capitalization decreased by 3.2% to $2.43 trillion.

Bitcoin's value dropped below $69,000, down 3.5% over the past 24 hours, while Ethereum and Solana (SOL) slipped 5% to $2,050 and $87 respectively. Ripple (XRP) also dropped by 4.5%. The decline was fueled by the stalemate in U.S.-Iran peace talks and rising oil prices.

The sell-off was further exacerbated by the expiration of Trump's five-day window for diplomacy with Iran, which added to market volatility. Looking ahead, two key events are expected to impact the market: the PCE inflation report on Friday and the potential outcome of the U.S.-Iran negotiations.