Cryptocurrency market wipes out over $150 billion in a day

The cryptocurrency market has taken a sharp hit, shedding over $150 billion in value, with major assets like Bitcoin (BTC) leading the downturn.

As of press time, the total market capitalization stood at $3.23 trillion, down from $3.39 trillion just 24 hours earlier, reflecting a $160 billion loss. 

The drop appears to be driven by escalating geopolitical tensions in the Middle East, which have rattled global markets.

At the center of the sell-off, Bitcoin fell below the crucial $104,000 level. At the time of reporting, it was trading at $103,895, down nearly 4% on the day and 2% over the past week.

Just days earlier, Bitcoin had been pushing to reclaim the $105,000 resistance zone, a key level that could have paved the way toward a new all-time high above $110,000. 

However, a wave of profit-taking appears to have added downward pressure.

Bitcoin ETFs defy market downturn 

Despite the broader slump, Bitcoin exchange-traded funds (ETFs) have continued to attract investor interest. 

According to on-chain data from analytics firm Santiment, more than $1.46 billion has flowed into BTC ETFs over the past five days, dating back to June 9. The steady inflows signal continued institutional confidence, even amid falling prices.

Much of the current volatility seems to be driven by fears surrounding the deepening conflict between Israel and Iran. Hopes for a ceasefire are fading, and financial markets, including crypto, are feeling the strain.

The situation escalated further following a controversial social media post by President Donald Trump, who claimed the U.S. knows the whereabouts of Iran’s Supreme Leader Ayatollah Ali Khamenei. 

While Trump said the U.S. would not target him “for now,” he called for Iran’s “unconditional surrender,” comments that reignited concerns about possible U.S. military involvement.

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