Rising tensions in the Middle East appear to have driven bitcoin’s price lower: after being rejected at $64,000, BTC fell to just under $61,000 within the past 12 hours.
Altcoins suffered even larger losses. XRP, SOL, and ADA each plunged more than 5%, while ZEC and HYPE recorded deeper declines.
BTC Falls Again
Last week brought intense volatility and sharp drops for the leading cryptocurrency. Bitcoin began the week near $73,000 but quickly lost several important support levels, with the situation culminating on Friday.
BTC slid below $70,000, $65,000, and $62,000 before briefly testing the $60,000 area for the first time since early February. Unlike that prior sell-off, bearish pressure persisted this time and pushed the price below $60,000, reaching a 19-month low near $59,100.
Bitcoin staged a rapid rebound and recovered that level by the end of the day. It climbed back to $61,000 and $62,000 over the weekend and attempted two moves toward $64,000 at the start of the current week. The market then reacted to reports that Iran had downed a US helicopter and a statement from the US president indicating a response would be required.
The escalating geopolitical conflict triggered immediate losses across crypto markets and equities, sending BTC down to just below $61,000. The asset is now attempting to reclaim that level. Bitcoin’s market capitalization has fallen to approximately $1.225 trillion, and its dominance over altcoins sits near 56%.
Altcoins Take a Hit
Most major altcoins mirrored bitcoin’s decline. Ethereum fell more than 3% toward $1,600, BNB dropped to about $585 after a similar move, and DOGE slipped to roughly $0.084. XRP fell over 5% and is once again testing key support. SOL sits well below $65, while ADA has eased toward $0.16.
HYPE and ZEC were among the heaviest losers in the past 24 hours, each recording double-digit declines. HYPE trades near $56 while ZEC has fallen to about $425. Other significant downswings include SIREN (-37%), LAB (-16%), and DEXE (-15%). On the winners’ side, BEAT rose about 28%, followed by WBT (+13%) and STABLE (+12%).
The overall crypto market capitalization declined by more than $60 billion in a single day and is now below $2.2 trillion on CoinGecko.