US-Iran Tensions Spark Crypto Market Selloff

The crypto market saw significant losses today, with Bitcoin dropping to $84,242.05, down 2.1% over 24 hours.

This decline was part of a broader selloff across stocks and precious metals, as the total crypto market cap sat at $3.01 trillion, roughly flat over the past day.

The downturn began after Iranian President Masoud Pezeshkian's address to the UN General Assembly, in which he criticized US violence against civilians and accused the United States of terrorism.

The markets responded quickly to this fresh geopolitical uncertainty, with traders pricing in the possibility of a prolonged US-Iran conflict that could drive up oil prices and add pressure on inflation.