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- Welcome Kevin_Lee to the Gate Square! 🎉
Looking forward to more great crypto insights from him.
Check out and engage with Kevin_Lee’s latest post!
👉 Post: https://www.gate.com/post/status/11758920
👉 Profile: https://www.gate.com/profile/Kevin%20Lee
Let’s give Kevin_Lee a warm welcome! 👏👏👏
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Altcoin plummet after America–Iran tensions escalate
The crypto market suffered significant losses as America officially entered the Iran-Israel conflict on Saturday night. According to a tweet from President Donald Trump, the United States bombed notable nuclear sites in Iran, signaling their first proactive strike in this geopolitical conflict.
The crypto market has reacted with notable liquidations across the entire altcoin sector. ETH has dropped over 5% following this news, trading below $2,300 for the first time in a month.
Additionally, Cardano (ADA) is approaching its lowest level in 3 months following this news – down 6% today. AI agent coins took the hardest hit, as VIRTUAL and FET dropped nearly 10%.
Previously, analysts predicted that the price of Bitcoin could drop by 10% if America intervenes in the Iran-Israel conflict.
As of now, the market will cautiously watch Iran's reaction. President Trump has stated that any response from Iran will lead to further actions from that country.
Overall, cryptocurrency liquidation has surpassed 670 million dollars today, and further tension may very well signal a short-term bearish cycle.
Dinh Dinh