Crypto Prices Slide Sharply as Bitcoin Falls Below $104K

Crypto Prices Crash – Over $190 billion has exited the global crypto market in the past 12 hours, as escalating geopolitical tensions between Israel and Iran triggered a sharp market-wide sell-off. The total cryptocurrency market capitalization plunged more than 7%, falling from around $3.56 trillion to approximately $3.36 trillion, according to CoinGecko.

The sudden downturn follows news that Israel launched a missile strike on Iranian nuclear facilities, a pre-emptive military action that quickly rattled global financial markets.

Israel Declares Emergency as Middle East Crisis Deepens

The BBC reported that Israel declared a state of emergency, anticipating retaliatory strikes from Iran “in the immediate future.” Iranian state media claimed that civilian areas in Tehran were targeted, with casualties reported among residents.

The developments have not only spooked traditional markets but sent a shockwave through the crypto ecosystem, sparking a rapid sell-off across both major cryptocurrencies and altcoins.

Massive Liquidations: $1 Billion in 12 Hours

According to Coinglass, over $1 billion worth of crypto positions were liquidated in just 12 hours. In total, 250,000 traders were liquidated over a 24-hour span. Alarmingly, more than 90% of these positions were long trades, reflecting excessive bullish sentiment prior to the conflict.

The majority of liquidations occurred in Bitcoin (BTC) and Ethereum (ETH), which led the crash in terms of market cap losses.

Bitcoin Drops $5,000: From $108K to $103K

Bitcoin (BTC), the world’s largest cryptocurrency, experienced a rapid $5,000 decline, falling from an intraday high of $108,350 to a low of $103,000 during Asian trading hours on Friday. As of writing, BTC had stabilized near $104,000, remaining within its six-week range-bound trading channel.

Despite the drop, Bitcoin found technical support at $103K, a level that could play a pivotal role in any potential rebound.

Ethereum Sinks 9% to $2,470 Before Recovering

Ethereum (ETH) mirrored Bitcoin’s fall, plunging more than 9% from $2,760 to a low of $2,470 in a matter of hours. The second-largest digital asset later recovered slightly, hovering around $2,500, which appears to be acting as a short-term support level.

Altcoins Bleed: Solana, Dogecoin, Cardano See Double-Digit Losses

Altcoins suffered even sharper declines, with several high-profile tokens down by double digits:

Solana (SOL) fell 12% to $140
Dogecoin (DOGE) dropped 10% to $0.17
Cardano (ADA) declined 9.5% to $0.62

Other notable altcoins such as Sui, Chainlink, Avalanche, Shiba Inu, and Hedera also saw significant losses. However, BNB and Tron (TRX) remained relatively resilient, each falling only a few percentage points.

Bullish Fundamentals Remain Despite Short-Term Shock

While the crash is driven by geopolitical uncertainty, some analysts believe the long-term crypto outlook remains bullish. Former hedge fund manager James Lavish remarked:

“As geopolitical conflicts rise, investors often flee to fiat-based sovereign debt for ‘safety’. This, of course, is ultimately a mistake… The smartest will buy Bitcoin.”

This sentiment reflects a growing belief in Bitcoin as a hedge against monetary debasement and geopolitical instability.

US Regulatory Shift and Trade Developments Offer Hope

Despite market volatility, recent developments in crypto regulation may offer a silver lining. On June 12, the U.S. Securities and Exchange Commission (SEC) officially withdrew several regulations implemented during Gary Gensler’s tenure, signaling a potential shift in regulatory tone.

Furthermore, easing trade tensions between the U.S. and China, highlighted by a new bilateral agreement, could foster a more supportive environment for global crypto adoption.

Commodities React: Oil and Gold Prices Surge

In traditional markets, Brent crude oil prices spiked over 8%, while gold surged to $3,440 per ounce, both responding to fears of broader military escalation in the Middle East.

Conclusion: A Critical Moment for Crypto Investors

The crypto market is navigating a highly volatile environment shaped by geopolitical risk, liquidation cascades, and evolving macroeconomic narratives. While short-term pain is evident, the underlying bullish momentum, regulatory shifts, and long-term safe haven arguments for crypto remain intact.

As always, investors are urged to remain cautious, assess risk levels, and closely monitor ongoing developments in both financial markets and global geopolitics.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.