Iran’s Drone Strike on Israel Triggers Cryptocurrency Market Crash

Following rumors of war that have been circulating for days, recent reports of Iran launching an attack on Israel using unmanned aerial vehicles have caused a crash in cryptocurrency prices. During this period, Bitcoin suddenly dropped to $60,000. This decline also reflected on altcoins, leading to sharp falls. So, what’s happening in the market?

Current State of Altcoins

After the news broke, all eyes turned to altcoins. Following the drop in Bitcoin, its closest competitor Ethereum also experienced a similar decline. As of the time of writing, ETH’s price has fallen by 9.5%, reaching $2,912.

Considering that last month ETH’s price had surpassed $4,000, this current price represents a significant drop. ETH’s 24-hour trading volume is at $24.6 billion, while its market cap continues to hover around $350 billion.

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On the other hand, Solana (SOL), which made headlines last year, has also seen major declines. The scenario of a drop to $165, discussed just last month when the altcoin reached $210, quickly became outdated. As of the time of writing, the price has fallen by 15% to $129.

SOL’s 24-hour trading volume is $6.8 billion, while its overall market cap has dropped to $55 billion after the decline.

If we talk about Binance exchange’s native token BNB, its price has also found buyers at $529 after a 10% drop.

Biggest Losers among Altcoins

XRP, one of the most notable cryptocurrencies in the market, is also not faring well. As of the time of writing, XRP’s price has dropped by 20% to $0.4349, falling behind USDC and dropping to 7th place in volume ranking.

XRP’s market cap has fallen to $24 billion, while its 24-hour trading volume is at $3 billion. This decline positions it as the biggest loser among the top 10.

DOGE, the undisputed leader in volume among meme coins, is also not doing well. Like XRP, DOGE has experienced a drop of approximately 20%, making it one of the biggest losers among the top 10 cryptocurrencies by volume.

Following the drop, DOGE continues to find buyers at $0.1387 as of the time of writing.