US-Iran Tensions Spark Cryptocurrency Sell-Off as Bitcoin Plummets Below $78,000

The sudden escalation of US-Iran tensions triggered a sharp sell-off in cryptocurrencies on September 2. The conflict escalation led to a surge in safe-haven sentiment, causing widespread liquidations across the market.

Bitcoin plummeted 1.86% and dropped below the $78,000 mark, while Ethereum fell 2.5%, approaching $2,400. Binance Coin dropped 1.32%, nearing $680, and Ripple plummeted over 3%, temporarily trading at $1.34.

The US launched strikes inside Iran on September 2, targeting Islamic Revolutionary Guard Corps positions, including air defense systems and communication sites. In retaliation, Iran fired heavy ballistic missiles at a US Marine Corps camp in Jordan, claiming to have caused significant casualties.