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Bitcoin falls below $68K, eyeing $55K as U.S.–Iran tensions and oil sanctions pressure crypto markets and investor sentiment.
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Ethereum, $XRP, Solana, Cardano, and Dogecoin drop 3–5% amid rising geopolitical risks and declining risk appetite.
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U.S. plans to cut Iran’s oil revenues spark fears of escalation, adding uncertainty to both traditional and crypto markets.
The crypto market turned red again after Bitcoin’s price failed to hold above $74,000. The drop came as tensions grew in the ongoing U.S.–Israel and Iran conflict. The situation further intensified after a White House official said the U.S. wants to cut off Iran’s oil revenues.
Other major cryptocurrencies, including ETH, $XRP, Solana, and Dogecoin, are also down by around 3% to 5%.
U.S. Wants to Cut Iran’s Oil Revenues, Iran Won’t Surrender
The recent market drop came after a White House official said the U.S. wants to stop Iran from using its oil money to fund groups like the Islamic Revolutionary Guard Corps (IRGC). The plan aims to limit Iran’s oil sales, which are the country’s main source of income.
Yesterday, Donald Trump also posted on Truth Social, saying there would be no deal with Iran unless it agrees to an unconditional surrender.
This recent response from white house and Trump came in response to Iranian President Masoud Pezeshkian rejecting the demand and saying Iran would never surrender.
These strong statements have increased fears of growing this war into a bigger conflict.
Bitcoin Price Drop, Now Eying $55K Level
Tensions between the U.S. and Iran are rising, and this is adding pressure to the crypto market. Bitcoin erased most of the gains it had recently made. The digital asset dropped roughly 4%, pushing the price below $68,000 and reducing the total crypto market value.
Popular crypto trader Captain Faibik points to a bearish flag pattern forming on the 8-hour chart of Bitcoin. After the sharp drop earlier, the price has been moving inside an upward-sloping channel.
If Bitcoin breaks below the lower support of the flag with strong volume, it could confirm the bearish continuation pattern. According to this setup, the next major downside target sits near the $55,000 level.
Altcoins Also Slide as Risk Appetite Drops
The decline is not limited to Bitcoin. Ethereum has dropped below $2,000, falling about 4%, while $XRP is hovering around $1.37. Meanwhile, Solana, Cardano, and Dogecoin have also slipped, each losing roughly 3% to 5%.
The rising tensions hint that neither side is ready to step back, increasing uncertainty for both the traditional and the crypto market.