Crypto Market Drops Amid US-Iran Tensions, Pi Network and PUMP Defy Bearish Trend
The crypto market is experiencing a downturn on August 1, as tensions between the US and Iran escalate. This escalation has triggered increased selling pressure, causing $238 million in liquidations per Coinglass data, with 78% of these being long liquidations.
Despite this bearish trend, Pi Network (PI) and Pump Fun (PUMP) are defying the drop with over 6% gains. The total crypto market cap has dropped by 1.03% to $2.16 trillion at the time of writing.
The ongoing conflict between the US and Iran is weighing heavily on market sentiment, causing traders to rush to sell in fear of the conflict escalating further. This selling pressure has led to a drop in prices across all top ten crypto coins by market cap, apart from Tron (TRX) and Dogecoin (DOGE), which are up slightly.