Crypto Market Plunges Amid Geopolitical Tensions and Global Uncertainty

The crypto market is off to a rocky start this week, with a 1.43% drop in the last day bringing its total value down to $2.16 trillion.

This decline is largely due to geopolitical tensions, particularly between the US and Iran, which have increased fears of a wider conflict and disrupted oil supplies.

Asian stock markets have also taken a hit, with South Korea's KOSPI dropping 9.2%, Japan's Nikkei falling 2.7%, China's Shanghai Composite losing 2.3%, Taiwan's market declining 3.1%, and India's NIFTY slipping 0.3%.

Crypto is moving in lockstep with gold, with a 77% correlation, indicating that investors are selling due to uncertainty worldwide rather than specific concerns about blockchain or Bitcoin.