Crypto Market Implodes on US-Iran Tensions
The crypto market saw significant losses today as tensions between the US and Iran escalated. The total crypto market cap fell to $3.01 trillion, with Bitcoin dropping to $84,242.05, a decline of 2.1% over the past 24 hours. Ethereum's price also took a hit, falling to $2,658.60.
The selloff in the crypto market was triggered by Iranian President Masoud Pezeshkian's address to the UN General Assembly, where he pushed back against accusations of terrorism and insisted that Iran remains open to dialogue. The US delegation reportedly walked out during his speech after Pezeshkian accused the US of violence against civilians.
The sudden shift in global sentiment caused a sharp selloff across stocks and precious metals, with close to $1 trillion wiped out within an hour. Bitcoin's share of the damage came to about $40 billion.