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The cryptocurrency market has taken a sharp turn for the worse over the last few hours, erasing earlier recovery gains and plunging into a full-scale sell-off. Bitcoin ($BTC) has hit its lowest level since the late 2024 US elections, sending a wave of panic through the broader digital asset ecosystem.
Bitcoin Crash to $73,000 Amid Geopolitical Uncertainty
After briefly attempting to hold the $78,000 support level, the $Bitcoin price plummeted to a local low near $73,000. This rapid decline was accelerated by news of the US Navy intercepting an Iranian drone in the Arabian Sea, sparking fears of a broader conflict that sent investors fleeing toward "safe-haven" assets like gold and oil.
The technical damage is significant. Bitcoin is now trading roughly 40% below its October peak of $126,000. According to Bloomberg, the "risk-off" sentiment is being compounded by heavy liquidations; over $2.5 billion in long positions were wiped out in the last 24 hours alone as high-leverage traders were forced out of their positions.
Ethereum and Altcoins Face Double-Digit Losses
Ethereum ($ETH) has fared even worse, breaking below critical psychological support to trade around $2,220. The second-largest cryptocurrency has seen a 6% drop in the last 12 hours, with analysts warning of a potential slide toward $2,000 if the current momentum persists.
Major altcoins are mirroring this "bloodbath":
- Solana ($SOL): Dropped 11% to roughly $101.
- $XRP: Fell 10% to $1.58.
- Polygon ($POL): Approaching its all-time low at $0.11.
With the market in a state of "Extreme Fear," many investors are moving funds into cold storage. If you are looking to secure your remaining assets, now is a critical time to review the best hardware wallets to avoid exchange-related risks.
Why is Crypto Crashing Today?
Beyond the geopolitical tensions, several structural factors are weighing on the market:
- Institutional Outflows: US Spot Bitcoin ETFs have recorded nearly $2.8 billion in outflows over the past two weeks, reducing the buy-side liquidity that sustained the 2025 rally.
- Regulatory Probes: A Reuters report confirmed that the US Treasury is investigating several crypto platforms for facilitating Iranian sanctions evasion, adding to the climate of uncertainty.
- Strategy Underwater: "Strategy" (formerly MicroStrategy) recently purchased 855 $BTC at an average of $87,974. With the current price well below $76,000, one of the world's largest corporate holders is now officially "underwater" on its latest buys, rattling institutional confidence.
For those looking to enter the market during this volatility, comparing the best crypto exchanges for low fees and deep liquidity is essential for surviving the current crash.