Crypto Cracks: Bitcoin Price Today Crashes Below $69K, ETH Takes a 13% Hit as Global Tensions Rise

The geopolitical unrest between the US and Iran is affecting markets across the globe. After the major crashes seen in the commodity & Equity sector, the Cryptocurrency market is not left untouched and is struggling with massive selling pressure, with major cryptocurrencies like Bitcoin, Ethereum, XRP, and Solana trading in the red.

"Global markets have reacted to new developments over the last 24 hours, largely driven by the U.S. issuing a 48-hour ultimatum to Iran, which has increased the risk of oil supply disruptions. This risks inflation concerns in the US, lowering rate cut expectations or delaying it for the year, which would have been a key catalyst in Bitcoin's price increase. The next short term phase could be marked by consolidation of prices according to analysts, flipping the performance trajectory of Bitcoin which was outshining gold and US equities in terms of returns." said Nischal Shetty, Founder WazirX

Bitcoin Price Today

Bitcoin price today is trading at around $68,381, down nearly 0.60% in the last 24 hours. The token has also seen a sharp weekly decline of over 8.6%.

Bitcoin Technical Overview

"Bitcoin is consolidating near the $68,000 level after failing to sustain a breakout above $75,000 last week. Recent ETF outflows over the past two days have weighed on short-term sentiment, adding to the weakness. While monthly ETF inflows remain positive at $1.48 billion, they come amid $6.3 billion in cumulative outflows since November, indicating a fragile recovery in demand. Markets are now looking to the March 27 quarterly expiry for clarity on positioning. For now, $71,000 acts as resistance, while $67,300 remains a key support level." said Akshat Siddhant, Lead quant analyst, Mudrex.

Ethereum Price Sees Sharp Fall

Ethereum price today is trading at approximately $2,045, witnessing a sharper decline compared to Bitcoin. The token has fallen nearly 1.96% in the last 24 hours and over 13% in the past week, becoming the biggest laggards among top cryptocurrencies.

"Ethereum is approaching a decisive technical phase, with the $1,800 zone emerging as a crucial level that could define near term direction if broader market sentiment weakens further. Meanwhile, XRP's sharp rallies and pullbacks highlight its high sensitivity to sentiment shifts, with price action largely influenced by positioning and renewed institutional narratives around the token." said Avinash Shekhar, Co-Founder & CEO, Pi42

Altcoins Under Pressure: XRP, Solana, Dogecoin Fall

The weakness is not limited to Bitcoin and Ethereum, as major altcoins are also facing selling pressure.

XRP price today is down nearly 1.89%, while it has declined over 10.8% in the past week. Solana (SOL) is also under pressure, falling around 1.54% in 24 hours and over 10.5% weekly. Dogecoin (DOGE), a popular meme coin, has dropped more than 12% in the last seven days,
BNB, the native token of the Binance ecosystem, is trading lower by around 1.05%, while WhiteBIT Coin (WBT) has also seen declines.

Outlook for Bitcoin & Overall Crypto Market

According to CoinSwitch Markets Desk, "While many investors still expect BTC to rise as call interest clustered at $75K and then $80K and there is also solid support near $60K. Broader factors like high oil prices and reduced expectations of Fed rate cuts are weighing on both stocks and crypto. In the short term, BTC is likely to remain volatile, with weekend moves driven by low liquidity, while clearer direction should emerge as full participation returns during the week."

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