The global cryptocurrency market capitalization has lost over $160 billion in value since June 12, when Israel initiated a large-scale aerial operation, codenamed “Operation Rising Lion,” targeting Iran’s nuclear facilities (including the Natanz Enrichment Complex), ballistic missile programs, and military leadership.
On that day, total crypto market capitalization peaked at $3.4 trillion. As of June 18, it stands at $3.24 trillion, according to data from CoinMarketCap, marking a sharp retreat that reflects growing investor anxiety around geopolitical uncertainty.
Volume has also pulled back, falling to $117.71 billion, down from $125.18 billion recorded at the peak of the rally last Wednesday.
While crypto is often described as a hedge against macro risk, recent history shows that when true global tensions escalate, even Bitcoin (BTC) and Ethereum (ETH) are not immune from the initial flight to safety.
Broader crypto market dynamics
The Israel–Iran conflict has had far-reaching effects across risk-on assets. Equities saw increased volatility last week, and oil briefly spiked before retreating on speculation that the conflict would remain regional.
In crypto, however, the mood has decisively shifted from “buy the dip” to “wait and see.”
Major altcoins including XRP, SOL, and ADA have posted high single-digit weekly losses, and even Bitcoin, still above $105,000, has struggled to regain upside momentum despite improving ETF flows.
