Crypto Market Plunges as Tensions Escalate Between US and Iran

The total crypto market cap fell to $2.68 trillion after a drop of 1.0% over 24 hours, as Bitcoin's price slipped to $77,664.88 and Ethereum dropped to $2,417.73.

The sell-off was triggered by an escalation in U.S.-Iran tensions over the weekend, following a strike by American forces on Iranian rocket launchers on Larak Island in southern Iran on Sunday.

According to CENTCOM spokesperson Navy Capt. Tim Hawkins, the strike was intended to protect civilian mariners and commercial shipping in the Strait of Hormuz, one of the world's most critical oil transit routes.

The IRGC confirmed that the strike caused casualties among its forces and vowed to retaliate, adding uncertainty to markets.