Crypto Market Plummets Amid US-Iran Tensions

The global crypto market is facing a sharp downturn due to escalating US-Iran tensions. On Thursday, US President Donald Trump issued a 48-hour ultimatum to Iran to reopen the Strait of Hormuz, prompting a significant drop in oil prices.

As a result, top cryptocurrencies like Bitcoin, Ethereum, and XRP have plummeted by nearly 2%, 1.78%, and 2.07% respectively over the past day. The market valuation has dropped by 1.62% to $2.38 trillion.