Crypto Market Dips Sharply as Geopolitical Tensions Escalate in Middle East

In Brief:

BTC briefly dropped below $99K, ETH hit $2,100 amid U.S.–Iran conflict fears.

Market-wide declines seen across DeFi, Layer1, and Layer2 sectors.

The cryptocurrency market experienced a sharp downturn following renewed geopolitical instability in the Middle East. According to SoSoValue data, Bitcoin fell to an intraday low of $99,000 before recovering to $101,000, down 1.38% over 24 hours. Ethereum also dropped 1.18%, briefly hitting $2,100. The slump follows heightened tensions triggered by the U.S. strike on Iran and Iran’s parliamentary move to block the Strait of Hormuz. Sector-wide declines followed, with Layer1 down 1.49%, Meme tokens off by 1.79%, and DeFi sliding 1.94%. Despite the market pullback, some tokens like OKB (+4.95%) and FORM (+9.21%) posted gains on IPO and ecosystem news.

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