Ethereum leads cryptocurrency selloff as US bombs Iranian nuclear sites

Ethereum fell sharply, while Bitcoin stabilized after President Donald Trump said US bombers attacked three major nuclear sites in Iran.

The second-largest cryptocurrency fell 7.7% Sunday morning in Asia to around $2,200, its lowest intraday level since May 9, but pared some losses throughout the day. Bitcoin briefly dipped below $101,000 but was roughly stable at 1:10 p.m. in Singapore following the attacks. With traditional markets closed for the weekend, cryptocurrencies were the only asset class to react, according to Bloomberg, which reviewed the report.

According to Al Arabiya, Caroline Moron, co-founder of Orbit Markets, a liquidity provider for cryptocurrency derivatives, said: “Markets are anxiously monitoring the ongoing geopolitical developments.” She said the next key levels to watch are $100,000 for Bitcoin and $2,000 for Ethereum over the weekend, while oil will be a particular focus when traditional markets reopen. Total liquidations of cryptocurrency bets over the past 24 hours amounted to approximately $679 million, with approximately $554 million and $67 million in long and short positions, respectively, according to data compiled by Coinglass. Jiang said that Bitcoin “tends to lead the market out of a rebound” during times of geopolitical uncertainty.