 ▲ Smoke rises after an explosion in Tehran, the capital of Iran |
Geopolitical tensions in the Middle East have reached a peak as the United States and Israel launched a large-scale military operation against Iran, sending major cryptocurrencies—including market leader Bitcoin (BTC) and XRP (Ripple)—into a sharp plunge and shocking the market.
According to investment outlet TheStreet on February 28 (local time), U.S. President Donald Trump officially confirmed in a video posted on Truth Social on the 27th that a major combat operation targeting Iran’s missile infrastructure and naval assets had begun. The joint U.S.-Israel offensive, named Operation Epic Fury, was described as a critical decision aimed at preventing Iran from acquiring nuclear weapons. President Trump warned that if Tehran does not provide what is required, swift and forceful action could follow.
Israeli Defense Minister Israel Katz also announced that a preemptive strike on Tehran had been carried out. Explosions were reported in five Iranian cities, including Tehran, Isfahan, Qom, Karaj, and Kermanshah. In response, Iran immediately launched retaliatory missiles toward Israel, triggering sirens across the country and raising the prospect of a full-scale war.
News of the outbreak of war sent the cryptocurrency market into an immediate tailspin. Bitcoin plunged 6.4% over the past 24 hours to $63,539.29, while Ethereum (ETH) fell 8.8% to $1,853.19. XRP tumbled 9.4% to $1.29, and Solana (SOL) dropped 10.8% to $78.10, as major coins collapsed across the board. According to CoinGlass data, 153,237 traders were liquidated during this period, with total losses reaching $517.91 million.
The crisis erupted at a time when traditional financial markets were already weakening amid inflation concerns, amplifying investor fears. Earlier, on the 26th, U.S. producer price index data came in above expectations, pushing the Nasdaq 100 down 0.30%, the S&P 500 down 0.43%, and the Dow Jones Industrial Average down 1.05%. As markets already burdened by persistent inflationary pressures now face the added shock of armed conflict in the Middle East, the fallout across global asset markets is unlikely to subside anytime soon.
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