The second-ranked token fell as much as 7.7 per cent on Sunday morning in Asia to about $2,200, its lowest intra-day level since May 9, but trimmed some losses during the day. Bitcoin briefly dipped below $101,000 but was almost unchanged at 1:10 p.m in Singapore in the aftermath of the attacks. With traditional markets closed on the weekend, crypto was the only asset class that reacted.  

“Markets are nervously eying ongoing geopolitical developments,” said Caroline Mauron, co-founder of Orbit Markets, a provider of liquidity for crypto derivatives. The next key levels to watch for are $100,000 in Bitcoin and $2,000 in Ethereum at the weekend, while focus will be particularly on oil when traditional markets reopen, she said. 

The latest losses come after Trump said the Iranian sites of Fordow, Natanz, and Isfahan were struck in the operation, specifically describing a “payload of BOMBS” dropped on Fordow, a key location of uranium enrichment that has raised international concern that Iran was preparing to create a nuclear weapon.

“The overhang of whether the US would strike Iran caused a selloff through the week and into the weekend,” said Cosmo Jiang, general partner at Pantera Capital Management. “With the strikes confirmed and a resolution closer at hand, prices seem to have found at least a local bottom.”

Total liquidation of crypto bets over the last 24 hours was about $679 million, with almost $554 million and $67 million in long and short positions closed respectively, according to data compiled by Coinglass. 

Jiang said Bitcoin “tends to lead the market out of a bounce” in times of geopolitical uncertainty. 

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Published on June 22, 2025