Amid the impact of escalating US-Iran tensions, sell-offs in the cryptocurrency market continue, APA-Economics reports.
According to CoinMarketCap data, the total market capitalization fell by 1.96% over the past 24 hours to $2.12 trillion.
The price of Bitcoin, the largest cryptocurrency, has dropped to $61,400. The asset lost 2.14% over the past 24 hours and 7.64% over the past week. Ethereum declined to $1,629, marking an 11.59% decrease compared to a week earlier. BNB, meanwhile, has fallen by 7.81% over the last seven days.
As investors shift toward safe-haven assets, gold-backed digital assets have drawn attention. PAX Gold (PAXG) and Tether Gold (XAUt) ranked among the leading assets by market value. The prices of both tokens are above $4,100.
CoinMarketCap’s Fear & Greed Index stood at 14 points, indicating that the market remains in a state of “extreme fear.”
Analysts note that US military operations against Iran and rising tensions in the Middle East have accelerated the outflow from risk assets.
According to reports, approximately $420 million worth of positions in the cryptocurrency market were liquidated under the influence of geopolitical developments.
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