US and Israeli forces struck Iran's nuclear facilities early Saturday, sending Bitcoin (BTC) down roughly 6% to around $63,000 as cryptocurrency markets absorbed the geopolitical shock in real time - without equity or bond markets open to share the selling.
President Donald Trump confirmed the operation on Truth Social, calling it a "resounding success" and warning that "far greater" force could be used if Iran retaliates.
The strikes hit three Iranian nuclear sites - Fordow, Natanz, and Esfahan - following weeks of US military buildup in the region and stalled nuclear negotiations.
In a video address, Trump urged Iranian citizens to overthrow their government after the mission concluded. Iranian officials said Tehran was preparing a response.
Market Impact
Bitcoin fell from roughly $65,500 to near $63,000 within hours of the news breaking, erasing recent recovery attempts. Ethereum (ETH) dropped approximately 7% to around $1,866.
Solana (SOL) and XRP both fell more than 5%. CoinGlass data showed approximately $192 million in Bitcoin futures liquidations and over $515 million in total crypto liquidations over 24 hours, with the largest single wipe out - $11.17 million - coming from a BTCUSDT position.
Roughly $75 billion in total crypto market cap was erased within the first hour of trading.
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Compounding Weakness
The geopolitical shock compounds an already difficult month for Bitcoin. The asset is tracking toward its fifth consecutive monthly loss - a streak not seen in seven years, according to Cointelegraph data. US producer price data released Friday came in hotter than expected, pushing Bitcoin back below $66,000 before the Iran strikes hit.
A failed attempt to reclaim $70,000 earlier in the week left traders in a weakened position heading into the weekend.
With traditional markets closed, cryptocurrency was the only large, liquid asset class available for real-time risk reduction on Saturday. Futures volume on Bitcoin surged to approximately $68 billion - nearly ten times spot volume - suggesting the sell-off was concentrated in derivatives markets rather than organic spot selling.
Key support around $62,800 to $64,000 was being closely watched by traders as of this writing. Whether Bitcoin holds or loses that zone may determine whether it closes February at its lowest level in months.
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