Bitcoin dips, altcoins crash—what’s behind the slide?

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Crypto Market Reacts to Reported Airstrikes in Iran

Over the past few hours, the cryptocurrency market experienced a significant sell-off following reports of airstrikes on nuclear sites in Iran. Bitcoin, in particular, saw a sharp decline, briefly dropping below $100,000 before a slight recovery.

The broader crypto sector witnessed over $35 billion wiped from its market capitalization in a short period, indicating a palpable sense of panic among traders and investors.

As of writing, the total crypto market capitalization stood at $3.12 trillion, with a 24-hour trading volume of $139.09 billion, reflecting a 26.02% increase.

Bitcoin's Initial Response

News of the reported attacks in Iran triggered an immediate response in the Bitcoin market, with the price briefly touching $98,286.

Following this initial drop, Bitcoin demonstrated some recovery, climbing back above $100,000 and reaching a high of $102,852 within the last 24 hours.

Analysts attribute the initial sell-off to heightened geopolitical tensions. According to data, Bitcoin liquidations in the past 12 hours totaled $34.57 million, comprising $2.18 million in long positions and $32.39 million in short positions.

Notably, the largest single liquidation order occurred on HTX in the BTC/USDT pair, valued at $35.45 million.

Impact on Altcoins

The reported attacks and subsequent market volatility impacted a wide range of cryptocurrencies, including XRP, Dogecoin, BNB, SUI, OKB, Filecoin, Flare, Pendle, Jito, Pepe, Bitget, and Worldcoin.

In the past 24 hours, 187,170 traders were liquidated, with total liquidations reaching $656.19 million. Ethereum liquidations accounted for $193.35 million, split between $50.09 million in short positions and $143.26 million in long positions.

Solana saw $27.68 million in liquidations ($20.94 million long, $6.74 million short), while XRP experienced $21.60 million in liquidations ($3.6 million short, $17.93 million long).

Dogecoin liquidations totaled $11.19 million ($7.86 million long, $3.32 million short), and BNB liquidations reached $286.67k short and $1.17 million long.

Overall, total market liquidations in the past 24 hours exceeded $1 billion.

Exchange Impact

The reported attacks led to significant instability across various cryptocurrency exchanges. Bybit reported the highest liquidations at $255.29 million, with $206.02 million stemming from long positions.

Binance followed with $140.54 million in total liquidations, with long positions accounting for 62% of the total. Gate(dot)io saw $96.75 million in liquidations, including $77.56 million in long positions.

HTX reported $81.67 million in liquidations, followed by OKX with $68.16 million. Bitfinex and CoinEx experienced relatively smaller liquidation volumes of $6.72 million and $4.32 million, respectively.

Impact on Oil and Traditional Markets

Following 's attack on Iran on June 13, 2025, Brent Crude, the global benchmark, grew by 7%, briefly exceeding $75 per barrel, marking the highest surge since April. U.S West Texas Intermediate (WTI) also grew significantly, reaching around $72.98 per barrel.

Prices in the oil market have seen major fluctuations, with Brent reaching $79.04 on June 19, and when writing, it was $77.06; and WTI is $73.85.

Some stocks of airline companies like United Airlines, Delta Airline, American Airlines, and stock of Expedia fell by 3.5%. Also the Wall Street saw a decline, while Middle East markets like Qatar, Saudi Arabia, and Kuwait remained flat or slightly up on June 22, suggesting some investor optimism for a contained conflict.