Bitcoin Fails to Break $78,000 Amid Middle East Tensions; $100 Billion Wiped from Crypto Market

Amid escalating geopolitical tensions in the Middle East and uncertainty surrounding US-Iran negotiations, Bitcoin failed to breach the $78,400 resistance line, retreating to the $75,000 level. In just two days, the cryptocurrency market capitalization shed $100 billion, falling to approximately $2.62 trillion.

Bitcoin briefly surged to $78,400 after the Iranian Foreign Minister mentioned reopening the Strait of Hormuz. However, the market sharply cooled after Iran's side fully denied the remarks and reimposed a blockade on the strait.

In line with Bitcoin's downward trend, Ethereum (ETH) fell 3.5% in a day, dropping to the $2,300 level. Major altcoins such as XRP and Binance Coin (BNB) also showed weakness. AAVE plummeted by over 20% to $92 due to the aftermath of the KelpDAO hack.