Crypto Market Suffers Significant Downturn Amid External Pressures

The crypto market has been experiencing a significant downturn over the past week, with all major assets dropping in value. Bitcoin (BTC) has fallen by 5.98% to around $66,457, while Ethereum (ETH) and XRP have dropped by 7.24% and 7.03%, respectively.

The decline is largely attributed to external factors, including the ongoing Iran-Israel war and rising oil prices. The conflict has pushed oil above $100, causing investors to flee risk assets and move towards safer havens such as bonds.

Furthermore, the largest crypto options expiry of 2026, worth $14.16 billion, took place on March 27, resulting in significant liquidations and wiping out nearly 40% of all open positions on Deribit.