The arrows started flying, and so did the sales orders. Within hours of the US and Israel launching coordinated strikes on Iran, Bitcoin fell nearly 3.8% to $63,038, Ethereum fell nearly 9%, and more than 152,000 traders were wiped out across all crypto markets. With the stock and bond markets closed for the weekend, digital assets caught all the panic — all by themselves.
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US and Israel Hit Iran’s Military and Nuclear Sites
US President Donald Trump confirmed on Friday that the US had begun what he described as “major countermeasures” against Iran, with strikes targeting the country’s missile systems, naval assets and nuclear infrastructure.
Reports say that Israeli Defense Minister Israel Katz described the operation as the first step, as both governments are coordinating the attack. The scale and speed of the attack caught many off guard, and Iran’s response came quickly.
The US is carrying out strikes on Iran, two US officials told CNN. Follow live updates: pic.twitter.com/vPGeQ9ILHp
– CNN (@CNN) February 28, 2026
According to reports, Iran has launched waves of missiles and drones targeting not only Israel but also the US military presence in the Gulf region. It is reported that the American base in Bahrain was hit. Qatar and the UAE say their defense systems have intercepted projectiles flying over their territory.
An explosion was heard in Dubai. Bahrain closed its airspace completely. Iran’s official Tasnim news agency announced that all US bases and interests throughout the region would be considered legitimate targets.
The conflict, by Saturday morning, had spread beyond the Iranian and Israeli borders.
Crypto Markets Are Taking a Hit Traditional Markets Can’t Yet Feel
Stock, bond, and commodity markets were closed. Crypto didn’t exist. Bitcoin trades around the clock, every day of the week, making it the only major financial market available to capture the weekend panic.
Sales were brisk and extensive. Reports say that around 128 billion in market value was wiped from all digital assets in the hours following the confirmation of the strike.
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Bitcoin fell from around $66,000 to as low as $63,038 before settling near $64,000. Ethereum dropped below $1,850. XRP fell 8% to trade near $1.29. Solana, Dogecoin, Cardano, and Chainlink each recorded losses of between 8% and 12%.
According to CoinGlass data, Bitcoin futures trading reached about $192 million, with futures trading volume rising to about $68.27 billion — a sign that derivatives markets were fueling the move rather than traders driving it alone. The total liquidation of all crypto assets reached $515 million within 24 hours.
The Fear and Greed Index, a widely watched measure of the market, fell to 14 – deep into extreme fear territory.
Featured image from Getty Images, chart from TradingView
