Hassan Maishera
TL;DR
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BTC dropped to the $98k region on Sunday as the Middle East crisis escalated.
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Traders lost nearly $1 billion in the last 24 hours due to price volatility.
BTC Dips to $98k, Recovers to $101k
The cryptocurrency market’s performance over the last 24 hours was a rollercoaster. Bitcoin, the number one crypto by market cap, was extremely bearish over the weekend, dropping to a low of $98,400 on Sunday before embarking on its recovery.
It has recovered nicely and now trades at $101,854 per coin. If the bulls continue to push higher, BTC could be trading above the $102k level soon.
The bearish performance came after the United States announced it had conducted three military strikes on Iranian nuclear sites. This resulted in over $1 billion in daily liquidations, with Bitcoin dropping below $100k for the first time in 45 days.
JUST IN: $875,000,000 liquidated from the crypto market in the past 24 hours.
— Watcher.Guru (@WatcherGuru) June 22, 2025
In retaliation, Iran’s parliament indicated Sunday it may close off the Strait of Hormuz, a crucial choke point for the global oil trade.
Altcoins also suffered huge losses on Sunday, but most of them have recovered. ETH is trading above $2,250 again after dropping to the $2,100 level over the weekend. Ripple’s XRP dropped below $2 for the first time in nearly two months but now trades at $2.01 per coin.
The total cryptocurrency market cap now stands at $3.12 trillion, down 1% in the last 24 hours.
