Iran Tensions Trigger Wipeout of Nearly $1 Trillion Across Global Markets

A sharp sell-off across global markets yesterday sent shockwaves through the crypto space, with Bitcoin's value plummeting by $40 billion after Iran's President declared the country would never surrender.

The statement triggered a one-hour wipeout of almost $1 trillion across US stocks, metals, and cryptocurrencies, with the S&P 500 shedding 0.6% or $414 billion, the Nasdaq dropping 1.1% or $149 billion, gold declining 0.8% or $242 billion, and silver falling 1.5% or $55 billion.

Bitcoin fell 2.2%, testing its upper resistance at $89,105.86 while maintaining support from the 50-EMA at $82,025.76 and 200-EMA at $76,886.16.

Historical analysis suggests that this sharp volatility spike will be short-lived, with BTC likely to retrace toward the 50-EMA before continuing its upward trend.