$70B Crypto Market Rout in One Hour: US-Iran Conflict Spikes Volatility

Crypto markets suffered a $70 billion loss in one hour on Saturday morning due to US and Israeli strikes on Iran's nuclear facilities, according to TradingView data.

The total market cap fell from approximately $2.24 trillion to $2.17 trillion between 7 and 8 UTC, marking one of the sharpest single-hour contractions of 2026.

Ethereum (ETH) dropped about 9% to around $1,850, while Solana (SOL) fell roughly 10%, and XRP shed nearly 9%. Bitcoin slid to near $63,000 - a decline of about 6.5% on the day - before partially recovering.

Derivatives markets amplified the move sharply, with long positions being wiped out across major exchanges, including $100 million in losses within minutes of the first headlines, according to CoinGlass data.