US-Iran Tensions Spark Crypto Market Selloff

A recent spike in tensions between the US and Iran has sent shockwaves through the cryptocurrency market. The total crypto market cap fell to $2.68 trillion, down 1.0% over 24 hours.

Bitcoin slipped to $77,664.88, while Ethereum dropped to $2,417.73, with the sell-off tracking an escalation in U.S.-Iran tensions over the weekend.

The US Central Command confirmed that American forces struck two Iranian rocket launchers on Larak Island in southern Iran on Sunday, after Islamic Revolutionary Guard Corps forces were observed preparing to launch rockets carrying sea mines into the Strait of Hormuz.

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