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Crypto prices today dropped sharply, with Bitcoin falling 3.18% to $68,492 and slipping below the key $70,200 short-term holder cost basis.
Ethereum went down 4.59% to $2,049, and Solana fell 5.20% to $86, while total liquidations hit $329 million, including $287 million in long positions.
Brent crude oil above $108, and warnings from the Federal Reserve on inflation drove risk-off sentiment. Meanwhile, a $16.4 billion BTC and ETH options expiry is adding to short-term volatility.
NVIDIA lawsuit over $1 billion in crypto mining revenue and political moves like Coinbase-backed funding of $271 million for pro-crypto US midterms are adding pressure.
Crypto prices today are under heavy pressure as fears of a US-Iran escalation grip global financial markets. Bitcoin (BTC) has slipped below $70,000, dropping over 3% in the last 24 hours. The broader crypto market is bleeding red from top to bottom. Ethereum and Solana are down nearly 5%. What we are seeing isn’t a routine pullback; it’s a shift in mood. The kind where traders stop chasing gains and start protecting what they have.
The Fear and Greed Index from CoinMarketCap dropping to 29 says it all. The market has flipped from excitement to caution. The speed of this downturn hasn’t helped. In just 24 hours, $329 million got wiped out, with a brutal $287 million from long positions alone. Bulls didn’t just lose control; they got crushed. The global market cap is down by 2.93% at $2.35 trillion at press time.
Here are the latest crypto news and prices based on CoinMarketCap data.
Bitcoin price slipped 3.18% in the past 24 hours to $68,492. On-chain data from Glassnode shows that short-term holders, those who bought Bitcoin in the past month, have a cost basis of roughly $70,200. That makes this zone a critical floor. If Bitcoin fails to hold here, a sharper drop becomes more likely.
Avinash Shekhar, Co-founder and CEO, Pi42, noted, “Bitcoin is currently trading near the $68,800 level amid heightened geopolitical tensions and the impact of a large $14 billion options expiry today, which has added short-term pressure and volatility to the market. Risk-off sentiment has intensified after US President Donald Trump issued a ‘get serious’ warning to Iran, escalating tensions and weighing on the crypto market.”
Akshat Siddhant, Lead quant analyst, Mudrex, added, “For the BTC price recovery to sustain, bulls must step in to reclaim and hold above the $70,000 level. However, buying momentum remains weak, BTC could retest the $67,500 support, where a breakdown may trigger further liquidations and increase short-term volatility.”
Here is a table showing how the world’s top ten tokens performed over the last 24 hours:
Biggest Losers: Ethereum, Solana, Bitcoin
Riya Sehgal, Research Analyst, Delta Exchange, talking about the Ethereum price movement, stated, “Ethereum shows relative weakness in both price and momentum. While long-term fundamentals remain supported by higher staking and lower exchange supply, near-term sentiment is impacted by weak network activity and cautious institutional flows. The $2,200 level is key for recovery, while a break below $2,000 may extend downside. Steady inflows into Bitcoin-linked investment products signal underlying demand, suggesting corrections may attract long-term capital despite near-term volatility.”
Among smaller tokens, Kite (KITE) fell 19% on Thursday before a partial recovery. Ethena (ENA) dropped over 7% and is now trading below the $0.10 psychological level. Worldcoin (WLD) fell 10% and is sitting dangerously close to key support.
Here are the top headlines impacting crypto prices today.
The biggest force pushing crypto prices today lower is the escalating US-Iran war. Reports emerged on March 26 that the Pentagon may be planning a ‘massive bombing campaign’. It may also deploy up to 10,000 ground troops to the Middle East. While President Trump extended his deadline for Iran to reopen the Strait of Hormuz by 10 days to April 6, the uncertainty is far from over. War escalation typically pushes investors away from risk assets like crypto and into safe havens like gold or bonds, and that is exactly what is happening now.
Brent crude oil surged above $108 per barrel, its highest level this week. Iran has allowed only a handful of tankers of friendly nations to pass through the Strait of Hormuz. However, Trump has recently claimed that Tehran has sent 10 oil tankers to the US as a gesture of goodwill amid peace talks. It remains to be seen if the two countries have reached a consensus on the ceasefire plan as strikes from Iran and the US-allied nation, Israel, continue. High oil prices stoke inflation fears, which could push the US Federal Reserve toward rate hikes rather than cuts, a scenario that is historically bad for crypto.
Fed Governor Lisa Cook said that the Middle East conflict is raising inflation risk in the US. The Fed kept interest rates unchanged at 3.50%-3.75% at its March 18 meeting, but if inflation climbs further, rate hikes could return. Higher rates make riskier assets like crypto less attractive, and traders are now pricing in this possibility. The OECD separately warned that the conflict could push US inflation above 4% this year.
One more reason crypto prices today are volatile is a huge options expiry. A combined $16.4 billion worth of Bitcoin and Ethereum options expire today at 8 am UTC. For Ethereum, the ‘max pain’ level, where the most contracts expire worthless, sits at $2,300 as reported by Coinpedia. This figure is well above where ETH is currently trading. Options expiries of this size create strong short-term price gravity. Once they clear, the market could see a sharp move in either direction.
A California federal judge certified an investor class-action lawsuit against NVIDIA. He accused the company of hiding over $1 billion in GPU revenue tied to crypto mining during 2017-2018. While this is an older case, the news is a reminder of how closely crypto and big tech are intertwined. NVIDIA already paid a $5.5 million SEC fine in 2022 over the same issue. Any negative sentiment around NVIDIA tends to ripple through the broader tech and crypto space.
According to a MEXC report, Stand With Crypto (SWC), backed by Coinbase, announced a voter drive to elect pro-crypto candidates in the 2026 US midterm elections. The group is targeting swing states like Arizona and Pennsylvania. Crypto PACs have already raised over $271 million for the midterms. This is a sign that the crypto industry is doubling down on political influence, which could lead to clearer regulation and more institutional confidence down the road.
Also Read: What’s Behind Dogecoin Mining Network's 3x Speed Surge?
Crypto prices today struggled from geopolitical risk, rising oil prices, and inflation fears, a tough mix for any risk asset. Avinash Shekhar, Co-founder and CEO, Pi42, explained, “Despite the near-term weakness, underlying signals suggest this is not a trend reversal. Market data shows strong buy signals emerging after recent bearish sentiment, indicating that dips are being viewed as accumulation opportunities. Overall, while short-term volatility persists, the broader structure remains constructive.”
The next few days around the Iran deadline and the options expiry will be key. A diplomatic breakthrough or a softer-than-expected inflation reading could spark a sharp relief rally. Until then, caution looks like the smarter play.
Also Read: Crypto Market Update: Are Digital Assets in Politics Facing a Major Reset in the UK and US?
1. Why is crypto crashing?
Crypto prices are falling mainly due to rising global uncertainty. The US-Iran conflict has increased fear in financial markets, making investors avoid risky assets like crypto. At the same time, oil prices have jumped above $108, which raises inflation concerns. This could lead to higher interest rates in the US. On top of that, heavy liquidations and weak buying demand have added more downward pressure on prices.
2. What is the latest crypto news?
The biggest news impacting crypto today is the rising tension between the US and Iran. Reports suggest possible military escalation, which has shaken global markets. Bitcoin has dropped below $70,000, while Ethereum and Solana have fallen nearly 5%. Another key factor is the expiry of $16.4 billion in Bitcoin and Ethereum options, which is creating short-term market volatility.
3. What is the Bitcoin price today?
Bitcoin is currently trading around $68,492 after falling more than 3% in the last 24 hours. It has dropped below the important $70,000 level, which is seen as a key support zone. Data shows that many short-term investors bought Bitcoin near $70,200, so if prices stay below this level, more selling pressure could follow in the coming days.
4. How is the oil price hike and the US-Iran war impacting crypto?
The US-Iran conflict is pushing oil prices higher, with Brent crude crossing $108 per barrel. Higher oil prices increase inflation, which can lead to higher interest rates. When interest rates rise, investors usually move away from risky assets like crypto and shift to safer options like bonds or gold. This is why both the war and the oil price surge are negatively affecting crypto markets.
5. What should investors watch in the coming days?
Investors should closely watch the developments in the US-Iran situation, especially the April 6 deadline related to the Strait of Hormuz. They should also track oil prices and any updates from the US Federal Reserve on interest rates. Bitcoin’s ability to move back above $70,000 is another key signal. A recovery above this level could improve sentiment, while further drops may trigger more selling.
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