US, Israel attack Iran: $128 billion wiped from crypto after strikes on Iran
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Bitcoin slides after US-Israel strikes on Iran on Saturday (February 28), wiping $128 billion from crypto markets as investors flee risk and derivatives selling surges
Cryptocurrency markets tumbled after the United States and Israel launched military strikes on targets in Iran on Saturday (February 28), triggering a broad retreat from risk-sensitive assets. Bitcoin briefly fell 3.8% to $63,038 before recovering slightly to trade near $64,000 by 6 am in New York. Ether, the second-largest cryptocurrency by market value, dropped as much as 4.5% to $1,836. Data from CoinGecko shows that roughly $128 billion was wiped from the total digital asset market in the immediate aftermath.
Explosions were reported in Tehran soon after the strikes began. Following the attacks, US President Donald Trump called on Iranians to replace their government once military operations conclude. Susannah Streeter, chief investment strategist at Wealth Club, noted that although tensions had been rising amid increased US troop presence in the Gulf, many investors were anticipating renewed diplomatic talks. Instead, the swift military move caught markets off guard. She added that uncertainty surrounding the conflict is likely to push investors toward traditional safe-haven assets such as gold.
Bitcoin’s latest drop adds to a prolonged downturn in the crypto sector. The slide began in October, when approximately $19 billion in leveraged positions were liquidated. Since reaching a record high above $126,000 that month, Bitcoin has lost about half its value and has failed to mirror gains seen in gold and other defensive assets.
Justin d’Anethan, head of research at Arctic Digital, said Bitcoin often acts as a round-the-clock outlet for market stress when major developments occur over the weekend. However, he observed that the selloff was less severe than some had feared. With much of the speculative leverage already flushed out of the system, he suggested that macro shocks may now have a more limited impact—though further downside cannot be ruled out.
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Selling activity also intensified in the derivatives market. Within one hour on Saturday morning, Bitcoin sell orders surged by roughly $1.8 billion, according to analysis from CryptoQuant. Analyst Sylvain Olive described the spike as a sign of clear seller control and heightened short-term caution, noting that current flows appear driven more by emotion and risk management than by long-term fundamentals.
