The prices of major virtual assets, including Bitcoin (BTC), plummeted due to concerns about U.S. military intervention in Iran. As geopolitical risks in the Middle East escalated, there was a strong risk-averse sentiment overall.
According to CoinMarketCap, a global virtual asset market tracking site, BTC was traded at $104,569.06 as of 8 a.m. on the same day. This is a 2.94% decrease from the previous day.
At the same time, altcoins also showed a simultaneous decline. The altcoin leader Ethereum (ETH) recorded $2,504.8, down 2.46%. XRP was traded at $2.153 per coin, down 5.3% from the previous day. Solana (SOL) recorded $147.1, down 3.81%.
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The downward trend continued on the domestic exchange Bithumb. BTC recorded 145.2 million won, down 1.89% from the previous day. ETH dropped 1.81% to 3,474,000 won, and XRP was trading at 2,991 won, down 4.35%.
The virtual asset market was shaken as former U.S. President Donald Trump suggested the possibility of intervening in the Israel-Iran conflict. Trump posted on the social media platform Truth Social, "Iran must unconditionally surrender" and "We know exactly where their 'Supreme Leader' is hiding. We won't eliminate him right now, but our patience is running thin."
According to foreign media, Trump subsequently convened a National Security Council meeting at the White House to discuss direct U.S. intervention. The meeting reportedly focused on options such as using U.S. military to strike Iranian nuclear facilities. On the blockchain-based betting platform Polymarket, the probability of U.S. military intervention soared to 72%.
Javier Rodriguez-Alarcon, CIO of XBTO, said, "The escalation of conflict between Israel and Iran has increased geopolitical risks and triggered a general risk-averse phenomenon. Virtual assets were no exception," and added, "If the Middle East conflict worsens, further decline is inevitable."
The Crypto Fear and Greed Index from alternative data analysis company Alternative.me rose 7 points from the previous day to 68 points, indicating a "greed" state. This index means that the closer it is to 0, the more investment sentiment is suppressed, and the closer to 100, the more the market is overheated.
- Reporter Kim Jung-woo
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