Bitcoin, Ethereum, XRP, Dogecoin Fall Amid Fresh US-Iran Escalation: Analyst Says BTC Facing 'Final Hurdl

Leading cryptocurrencies slid on Sunday after the U.S. and Iran resumed hostilities after a nearly month-long lull in fighting.

Crypto Market Drops

Bitcoin fell below $77,000 late Sunday before paring its losses, while trading volume surged 48% over the past 24 hours.

Ethereum fell back below $2,400 following an earlier spike to $2,532. XRP and Dogecoin likewise traded lower.

Nearly $400 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data.

Bitcoin’s open interest slipped 0.83% over the last 24 hours. Bitcoin’s long/short ratio declined among both retail and derivatives traders, though both groups remained net long overall.

“Greed” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.61 trillion, down 0.90% over the last 24 hours.

Stocks Futures Slide After Iran Strikes

Stock futures fell overnight on Sunday. The Dow Jones Industrial Average Futures slipped 80 points, or 0.15%, as of 8:42 p.m. EDT.  Futures tied to the S&P 500 dipped 0.26%, while Nasdaq 100 Futures fell 0.35%.

Geopolitical tensions escalated after the U.S. hit Iranian rocket launchers on Larak Island in southern Iran, according to Reuters. Iran’s Revolutionary ​Guards said it targeted U.S. bases in Jordan in response.