Bitcoin tumbled below $78,000 Saturday morning, hitting a session low of $77,614 as fears that the U.S. and Israel are about to resume bombing Iranian facilities sent traders rushing for the exits. The drop erased Bitcoin's monthly gains and wiped more than $40 billion off its market cap in a single session.
Saturday morning rout
The selloff struck early on a weekend, a time when crypto markets are typically thinner and moves can accelerate. By mid-morning, Bitcoin was trading near $77,800, down roughly 6% from Friday's close. The broader crypto market followed, with major altcoins posting double-digit losses.
Geopolitical trigger
The decline was driven by reports that the U.S. and Israel are preparing to resume airstrikes on Iranian nuclear and military sites—a move traders fear could escalate into a wider regional conflict. The news broke during Asian trading hours, catching many investors off guard. The timing isn't great for a market that had been showing signs of recovery this month.
Market impact
The $40 billion market-cap hit is the biggest single-day loss since early April. Long positions were liquidated across exchanges, though exact figures weren't immediately available. The drop also pushed Bitcoin below its 50-day moving average, a level traders watch closely. Whether the selloff continues into next week depends largely on whether the reported military action actually happens.
