The crypto market faced a sharp selloff over the weekend following U.S. military strikes on Iranian nuclear sites, with bitcoin briefly plunging below $100,000 for the first time in over six weeks. 

As of 6:20 a.m. ET Monday, BTC had rebounded slightly to $101,484, recovering from an intraday low of $98,467. Ether followed a similar trajectory, trading at $2,247 after bottoming at $2,134.

The geopolitical shock rattled investor sentiment, sparking widespread liquidations. Over the past 24 hours, over 180,000 traders were liquidated, totaling $627.52 million in losses, mostly from overleveraged long positions per CoinGlass data.

This story is an excerpt from the Unchained Daily newsletter.

Market observers pointed to heightened risk-off behavior, as Iran’s parliament called for the closure of the Strait of Hormuz, a key oil shipping route. The crypto sector, particularly altcoins, bore the brunt of the selloff.

Commenting on the downturn, BitMEX co-founder Arthur Hayes posted on X: “Do you hear that? … it’s the sound of the money printers revving up to do their patriotic duty. This weakness shall pass and $BTC will leave no doubt as to its safe haven status.”