While bitcoin has dropped more than 3% over the past 24 hours, Sunday’s deeper bruising came from the altcoin market, which dragged the broader crypto economy down by $90 billion to $3.07 trillion.
Bitcoin Dips Below $100K as Iran Moves to Shut Strait of Hormuz
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Weekend Wipeout: Altcoins Lead Market Rout
The entire crypto market bled more than 4%, and although BTC played its part, tokens like ethereum, XRP, and solana absorbed even heavier losses.
Out of the top ten, ethereum ( ETH) plunged roughly 9% against the U.S. dollar, landing near $2,205. By 10 a.m. Eastern time on June 22, XRP had slid 7.2%, falling beneath the $2 threshold to $1.96 per XRP. Solana ( SOL) wasn’t spared either, trading at $128.30 after slipping 8.5%.
Aptos (APT) led the downward spiral among the aggregate of altcoins, dropping about 14% and grabbing the title of the day’s hardest fall. Virtuals protocol (VIRTUAL) tumbled 10.6%, while injective (INJ) sank by 12.5%.
Celestia (TIA) gave up 11.8% as well. The weekend rout triggered a cascade of crypto derivatives liquidations, totaling $876.41 million since yesterday. Of that, an eye-popping $777.91 million came from long positions — including $161 million worth of BTC longs alone.
Out of the $3.07 trillion total, BTC accounts for a dominant 65.2% market share, with ETH covering 8.6%. Meanwhile, Sunday’s global crypto trade volume climbed to $123.37 billion — up 20.29% from the day before — but the uptick is mostly fueled by sell pressure.
By 10:25 a.m. Eastern time, bitcoin slid below the $100,000 range for the first time in 46 days. The drawdown happened after Iran’s parliament reportedly approved a plan to close the Strait of Hormuz.
Reports say the final green light is now resting in the hands of Iranian security officials. This region represents nearly 30% of the global seaborne oil trade. WTI Crude now stands at $73.84 and Brent at $77.01, alongside this, Murban is at $77.39 per barrel.
