Bitcoin briefly fell below $65,000 early on the 28th as geopolitical tensions between the United States and Iran intensified, sending a broader risk-off move across global markets. Ether also dropped below $1,900, with crypto joining equities in the sell-off.
The latest market pressure followed a sharp deterioration in the regional situation. A US carrier strike group has moved into the Persian Gulf, while several governments urged their citizens to leave Iran. On the 27th, China’s foreign ministry advised citizens not to travel to Iran and called on those already there to leave as soon as possible. The same day, the US State Department designated Iran as a “state sponsor of wrongful detention” and again urged all US citizens in Iran to depart immediately.
Crypto market cap falls as major tokens lose support
With Bitcoin and Ether both breaking key levels, the total cryptocurrency market capitalization stood at $2.347 trillion, down 2.0% over the past 24 hours. The decline reflected a broad retreat in risk appetite rather than isolated weakness in a few large tokens.
Even so, a small group of assets posted gains against the trend. SAHARA rose 50.2% in 24 hours to $0.0225. ALICE gained 38.2% to $0.144, SIGN climbed 17.8% to $0.028, and Binance Life advanced 14% to $0.074.
Nasdaq and S&P 500 post weakest month since last March
US equities also ended February on a weak note. The Nasdaq fell 3.38% for the month, while the S&P 500 lost 0.87%, marking the biggest monthly decline for both indexes since March last year. In the latest session, the Nasdaq dropped another 0.92% and the S&P 500 slipped 0.43%.
Crypto-related stocks moved lower across the board. BitMine Immersion (BMNR) posted the steepest decline at 7.05%, followed by SharpLink Gaming (SBET) at 5.41%, Riot Platforms (RIOT) at 4.68%, Circle (CRCL) at 4.28%, Strategy (MSTR) at 2.95%, and Coinbase (COIN) at 2.88%.
Safe-haven flows lift precious metals
While crypto and stocks weakened, precious metals attracted fresh demand. Spot gold held above $5,200, trading near $5,247 per ounce. Silver climbed to about $92 per ounce, with a daily gain of more than 5%.
According to market analysts cited in the report, a deeper deterioration in US-Iran tensions could push oil prices higher, raise inflation expectations, and leave less room for Federal Reserve rate cuts. That combination has added pressure to risk assets across markets.