On October 1, the crypto market took a hit, dropping over 4% amid escalating conflict between Israel and Iran. Bitcoin and other top cryptocurrencies faced losses as the tension heightened market concerns.
Bitcoin lost 3.9%, falling below $61,200. This drop comes after Bitcoin briefly hit $65,000 last week. Other major cryptocurrencies were also affected—Ethereum, BNB, and Solana each declined by 6-7%.
The geopolitical tension also impacted stablecoins. Tether and Circle USD Coin slightly depegged, but stayed around the $0.99 mark, maintaining relative stability despite the turmoil.
Iran launched hundreds of missiles toward Israel, sparking fresh fears in global markets. The situation has left many investors uneasy, and the crypto market has mirrored this uncertainty. The ongoing crisis also put pressure on the crypto mining sector, which has already faced many challenges this year.