The cryptocurrency market experienced significant losses Sunday morning following U.S. military strikes on three Iranian nuclear facilities. Over $701 million in liquidations were recorded, mostly from long positions, according to CoinGlass.
Ethereum bore the largest impact among the top 20 cryptocurrencies, dropping 7.4% to $2,260, with $296 million liquidated in 24 hours—$269 million from longs. Cardano also declined 7.1%, while Bitcoin remained relatively stable, down 1.4% at $102,418, with $152 million liquidations recorded.
Market capitalization across all cryptocurrencies fell 4.4% to $3.25 trillion, according to CoinGecko.
On the decentralized prediction platform Myriad, more than 70% of users now expect Ethereum to close the year below $2,000, a stark shift from near-even odds earlier.
The U.S. conducted precise air and missile strikes on Iran’s nuclear sites at Fordo, Natanz, and Isfahan. President Donald Trump announced the operations as “very successful,” claiming the obliteration of Iran’s key enrichment facilities. B-2 bombers targeted Fordo, while submarine-launched Tomahawk missiles struck Natanz and Isfahan.
This escalation involved coordination with Israel amid ongoing regional tensions. Trump warned that any Iranian retaliation would be met with greater force. Iran’s foreign minister responded with a warning of “everlasting consequences” and reserved all defensive options.
Prediction markets on Polymarket show a rising probability, now 46%, that Iran could close the Strait of Hormuz by July, up from 9% the previous day. The likelihood of closure by year-end has risen to 57%. However, the chance of the U.S. formally declaring war on Iran before July remains low at 2%.