Crypto Market Plummet: BTC, ETH Prices Crash Amid US-Iran Conflict

The cryptocurrency market was hit with a significant decline over the weekend, driven by the escalating tensions between the United States and Iran. According to market data, Bitcoin (BTC) fell below its crucial $73,000 level, reaching $72,756 at press time. Meanwhile, Ethereum (ETH) dropped 1.1% to $1,975.

Other major cryptocurrencies such as Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) also suffered losses during the crypto market crash. The decline in digital asset prices was largely attributed to the disruptions in the Strait of Hormuz, a key energy chokepoint, which led to an increase in oil prices.

The US-Iran conflict has resulted in nearly $293 million in derivatives liquidations over the last 24 hours, with long positions making up $179.10 million of the losses and short positions accounting for $114.29 million. Ethereum was the hardest hit, with total liquidations reaching $61.59 million.

The market is expected to remain volatile this week as key US jobs data and global inflation metrics are released. Some tokens managed to defy the trend, however, including Hyperliquid (HYPE), which surged over 4.5%, and Stellar (XLM), which gained more than 11% due to a collaboration with DTCC.