Cryptocurrency Markets Plunge Amid US-Iran Tensions

The cryptocurrency market experienced significant turmoil on Thursday following a series of military strikes conducted by the United States against an Iranian installation near the Strait of Hormuz.

The action led to widespread panic selling, resulting in over $1 billion in forced liquidations across various cryptocurrencies. Bitcoin (BTC) was among the hardest hit, plummeting below the $73,000 threshold and marking its first descent below this level in several months.

Ethereum also suffered a steep 4.2% pullback to just above $2,000, while other major cryptocurrencies like Solana, XRP, and Dogecoin declined by 3-4%. The market downturn was not limited to cryptocurrency markets, as equity futures contracts also declined, with the Nasdaq 100 slipping 0.8%.

However, amidst the turmoil, Snowflake's stock shone brightly, surging over 30% in after-hours trading following the announcement of a $6 billion partnership with Amazon Web Services.