Crypto Price Analysis 6-23: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, LITECOIN: LTC, OPTIMISM: OP

The crypto market cratered as cryptocurrencies, including Bitcoin (BTC) , Ethereum (ETH) , Ripple (XRP) , Solana (SOL), and others, plunged after the US conducted airstrikes on key Iranian nuclear sites, significantly escalating the conflict. BTC briefly dipped below $100,000, dropping to a low of $98,467 before recovering to reclaim $100,000 and move to current levels. The flagship cryptocurrency is down 1.40% in the past 24 hours, trading around $101,490. Meanwhile, ETH has registered a substantial decline over the past few days, slipping below $2,500. The world’s second-largest cryptocurrency is down over 2%, trading around $2,240, with sellers in control. XRP is down nearly 3%, struggling to stay above $2. SOL also plunged over the weekend as bearish sentiment intensified, slipping below $140 to its current level of $133. Dogecoin (DOGE) is down over 2%, while Cardano (ADA) is down 1.40%, trading around $0.547. Chainlink (LINK) , Toncoin (TON) , Stellar (XLM) , Litecoin (LTC) , Hedera (HBAR) , and Polkadot (DOT) also registered substantial declines. The crypto market cap is down 1.39% and currently sits at $3.1 trillion. Crypto Plummets As Geopolitical Tensions Surge The crypto market cap plunged over 6%, dropping as low as $3.1 trillion, as escalating geopolitical tensions and US airstrikes on Iran led to a risk-off sentiment among investors. The decline comes as investors seek safer assets, moving funds from crypto to the US Dollar, gold, and Treasury bonds. Analysts expect near-term strength for safe-haven assets. The steep decline in crypto prices reflects the market psychology during conflicts and geopolitical crises. Growing uncertainty generally leads to investors losing confidence in volatile assets. Observers state that despite being decentralized, crypto is still speculative. During market uncertainty, investors want a stable and secure asset rather than a volatile one. Macroeconomic conditions resulting from geopolitical tensions also dampen investor sentiment, especially when higher interest rates can make risk assets less appealing. Crypto Market Stunned By $1B In Liquidations Crypto market liquidations topped $1.3 billion on Sunday as investors reeled from the news that the US had conducted airstrikes at key installations in Iran. With traditional markets shut over the weekend, the crypto market was the first to bear the brunt of the escalating geopolitical situation. As a result, BTC dipped below $100,000 on Sunday, while other cryptocurrencies registered notable declines. The flagship cryptocurrency fell to its lowest levels since May, while ETH plunged over 10% to a low of $2,171. DOGE, XRP, and SOL also hit multi-month lows as liquidations surged. Texas Governor Signs Bitcoin Reserve Bill Texas Governor Greg Abbot has signed Senate Bill 21, clearing the way for a strategic Bitcoin Reserve in Texas. The Texas Strategic Bitcoin Reserve will be a state-managed fund holding Bitcoin as a long-term financial asset. The reserve will operate independently from the general treasury and will help bolster the state’s financial resilience and act as a hedge against inflation. Only assets with a market cap over $500 billion can become part of the reserve. Currently, only BTC meets this lofty criteria. Coinbase Secures MiCA License Coinbase has announced that it has secured the Markets in Crypto Assets (MiCA), allowing it to offer its services across the European Union. It secured the license from the Luxembourg Commission de Surveillance du Secteur Financier. The license enables Coinbase to offer its range of crypto products across all EU member states. Coinbase stated in its announcement, “Luxembourg has always been a key player in Europe’s financial ecosystem, and we’re delighted to share that Coinbase is officially establishing its European crypto hub in this dynamic country under the Markets in Crypto Assets regulatory framework.” Coinbase has also made Luxembourg the base of its European operations. According to the platform, choosing Luxembourg to expand its European operations aligns with the country’s support for crypto innovation and its position as a top financial hub. It also places Coinbase in a jurisdiction that “understands the need of the crypto industry and excels in regulatory clarity.” The MiCA approval is a significant step for Coinbase. However, it is not the crypto platform’s first regulatory win in Europe. The company has already secured licenses in Germany, Ireland, France, Italy, Spain, and the Netherlands. Bank Of Japan Acknowledges Potential Future Crypto Role Bank of Japan officials have acknowledged that crypto could become a significant part of everyday payments in Japan. However, they stress that such a shift will not happen overnight. The bank’s executive director, Kazushige Kamiyama, stated that while Japan still sees a high level of banknote issuance, their usage could drop amid rapid decentralization. The statement is viewed as a nod to shifting dynamics in the country’s financial markets. Japan, once known for paper money, is witnessing a substantial shift, with cashless payments jumping to 42%, nearly tripling since 2013. While the Bank of Japan has yet to decide when it will launch the digital yen, the pilot program, launched in 2023, is running at full speed. Bank of Japan officials are also yet to fully embrace crypto as a replacement for fiat. However, growing support for a digital yen suggests they see decentralized assets playing a significant role in the payments ecosystem. Bitcoin (BTC) Price Analysis Bitcoin (BTC) slumped below the psychological $100,000 mark for the first time since the first week of May after the US struck key nuclear sites in Iran, significantly escalating the situation in the Middle East. The development triggered panic across the crypto market, leading to over $1 billion in liquidations, impacting nearly 240,000 traders. Negative sentiment spread across the broader crypto markets as altcoins plunged, reflecting caution as investors flocked to safer assets. However, BTC has recovered to reclaim $100,000 and move to $101,885 as markets price in the conflict. According to reports, the Iranian Foreign Minister met with Russian officials as diplomatic backchannels reopened following the weekend escalation. Riya Sehgal, research analyst at Delta Exchange, said that BTC’s current bounce remains weak. “Market structure shows a short-term downtrend with lower highs and lows; possible bear flag forming.” BTC’s gains came amid modest gains for gold and a subdued reaction across oil and equity futures, indicating that markets expect a contained conflict. The Kobeissi Letter highlighted that despite the escalating geopolitical situation, oil prices remain well below levels historically associated with major disruptions. “This market has all your answers: Over the last 72 hours, the US struck Iranian nuclear sites, Russia said countries are ready to supply Iran with nukes, and Iran’s parliament voted to close the Strait of Hormuz. Yet, stock market futures are down a mere -0.5% at the open, and oil prices are up less than +2.5%. This is NOT a market that is pricing in a long-term conflict. In fact, if the market was pricing in JUST a closure of the Strait of Hormuz, oil prices would be at $120+. Objectively, the market is still expecting a short-lived war.” Pav Hundal, lead analyst at Swyftx, stated, “We saw a lot of twitch trading in the hours after the US attacked Iranian nuclear targets, and right now, trade volumes remain elevated. If we start to see a softening in tensions in the Middle East, we should start to see a rebound in investor confidence, and the price should start to grind back up.” BTC has traded downwards since losing momentum on June 11. Bearish sentiment around the asset has intensified in recent sessions. However, analysts expect the price to remain above $100,000 unless the situation in the Middle East drastically changes. BTC registered a sharp decline on Wednesday (June 11), falling 1.43% to $108,686. Selling pressure intensified on Thursday as the price fell nearly 3%, slipping below the 20-day SMA and settling at $105,826. BTC plunged to an intraday low of $102,854 on Friday as selling pressure intensified. However, it rebounded from this level to register a marginal increase, reclaim $106,000, and settle at $106,106. Price action was mixed over the weekend as BTC rose 0.59% on Saturday before registering a marginal decline and settling at $105,561. The price raced to an intraday high of $108,939 on Monday (June 16) but could not stay at this level and settled at $106,808, ultimately registering an increase of 1.18%. Sentiment changed on Tuesday as BTC fell over 2%, slipping below the 20-day SMA and $105,000 to settle at $104,519. Source: TradingView Despite the selling pressure, BTC recovered on Wednesday, registering a marginal increase and moving to 104,884. The flagship cryptocurrency registered a marginal decline on Thursday, settling at $104,631. Buyers were back in action on Friday as BTC raced to an intraday high of $106,513. However, sentiment changed as it fell 1.19%, slipping below the 50-day SMA and $105,000 to $103,388. Sellers retained control on Saturday as the price fell 1.17% to $102,180. BTC plunged to an intraday low of $98,385 as market sentiment worsened over the weekend. Despite the overwhelming selling pressure, BTC rebounded to reclaim $100,000 and settle at $100,982, ultimately registering a drop of 1.17%. The current session sees BTC up nearly 1%, trading around $101,956. Buyers will look to retain control and push the flagship cryptocurrency towards $105,000. Ethereum (ETH) Price Analysis Ethereum (ETH) registered a substantial decline over the weekend as the crypto market cratered following US airstrikes on key nuclear installations in Iran. The world’s second-largest cryptocurrency traded around $2,500 as it struggled to build momentum. However, sentiment worsened over the weekend as it plunged below $2,500, falling to a low of $2,116 on Sunday. However, markets have recovered during the ongoing session, with ETH up 1.44% and back above $2,200. One Ethereum whale took the selloff as a buying opportunity, accumulating $39 million in ETH as markets plunged to levels not seen since the first week of May. The buyer purchased 9,400 ETH across two transactions, boosting their total holdings to $330 million. ETH plunged nearly 12% over the past 24 hours, falling to a low of $2,116 on Sunday, making it the worst-performing asset. ETH was bearish over the previous weekend, dropping to a low of $2,441 on Friday. Despite the selling pressure, ETH rebounded to reclaim $2,500 and settle at $2,579. Sellers retained control on Saturday as the price fell almost 2% to $2,532 before recovering to register a marginal increase on Sunday and ending the weekend at $2,548. ETH raced to an intraday high of $2,680 on Monday. However, it lost momentum after reaching this level and settled at $2,544 after a marginal decline. The price faced selling pressure and volatility on Tuesday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as ETH dropped 1.31% and settled at $2,511. Source: TradingView ETH was back in positive territory on Wednesday, registering a marginal increase and moving to $2,525. However, price action was back in the red on Thursday as a marginal decline took it to $2,513. Selling pressure intensified on Friday as ETH fell nearly 5%, slipping below the 50-day SMA and $2,500 to $2,406. Sellers retained control on Saturday as the price fell 4.56%, dropping to a low of $2,215 before settling at $2,296. ETH plunged to an intraday low of $2,116 as market sentiment worsened. However, it rebounded to reclaim $2,200 and settle at $2,229, ultimately registering a drop of nearly 3%. The current session sees ETH up almost 2%, trading around $2,268. Solana (SOL) Price Analysis Solana (SOL) fell to a two-month low after the US struck Iranian nuclear sites. Worsening market sentiment over the weekend pushed SOL to a low of $126 on Sunday as the crypto market nosedived. However, SOL has recovered during the ongoing session as markets price in the escalating situation. However, most analysts expect only a limited escalation. SOL has traded downwards in recent weeks as it struggles to gain momentum. According to analysts, If SOL dips and closes below $130, it will confirm a correction to $118 or lower. SOL registered a sharp drop on Friday (June 13), falling to a low of $140 before settling at $148. Sellers retained control on Saturday as the price fell nearly 3% to $144. SOL recovered on Sunday, rising almost 6% to cross $150 and settle at $153. The price raced to an intraday high of $158 on Monday. However, it lost momentum after reaching this level and fell 1.52% to $150. Price action remained bearish on Tuesday as SOL fell over 2%, slipping below $150 and settling at $147. Sellers retained control on Wednesday as the price dropped almost 1% to $146. Source: TradingView SOL registered a marginal increase on Thursday and moved to 147. However, sentiment changed on Friday as the price fell nearly 5%, slipping below a key support level and settling at $140. Sellers retained control on Saturday, with the price falling 3.30% to $135. SOL plunged to an intraday low of $126 as market sentiment worsened following the US airstrikes on Iran. However, ETH recovered to reclaim $130 and settle at $131, ultimately registering a drop of nearly 3%. The current session sees ETH up almost 2%, trading around $134. Dogecoin (DOGE) Price Analysis Dogecoin (DOGE) has been in freefall since June 11, losing momentum after reaching an intraday high of $0.206. DOGE followed a similar trajectory last weekend, dropping to a low of $0.170 before settling at $0.180, ultimately registering a marginal decline. Price action remained bearish over the weekend, falling 1.22% on Saturday and 1.57% on Sunday to settle at $0.175. The price rose to an intraday high of $0.181 on Monday but lost momentum and fell to $0.173, registering a drop of 1.31%. Sellers retained control on Tuesday as DOGE fell 2.08% and settled at $0.169. Source: TradingView Despite overwhelming selling pressure, DOGE recovered on Wednesday, registering a marginal increase to reclaim $0.170 before registering another marginal drop on Thursday. Selling pressure intensified on Friday as DOGE fell nearly 5% and settled at $0.162. Sellers retained control on Saturday as the price fell 4.87% to $0.154. DOGE plunged to an intraday low of $0.142 on Sunday as market sentiment worsened. However, it recovered from this level to reclaim $0.150 and settle at $0.151, ultimately registering a decline of almost 2%. DOGE has recovered during the ongoing session, with the price up 1.58%, trading around $0.153. Litecoin (LTC) Price Analysis Litecoin (LTC) started the previous weekend positively despite plunging to an intraday low of $81.42 on Friday (June 13). It recovered from this level to register a marginal increase and settle at $86.58. The price dropped 1.55% on Saturday before registering an increase of 1.32% on Sunday to end the weekend at $86.36. LTC raced to an intraday high of $88.97 on Monday but lost momentum, ultimately registering a marginal increase and settling at $86.63. Price action turned bearish on Tuesday, falling nearly 3% and settling at $84.36. LTC recovered on Wednesday, rising almost 1% to reclaim $85 and settling at $85.05. Source: TradingView LTC registered a marginal increase on Thursday and moved to $85.13. However, sentiment changed on Friday as sellers overwhelmed buyers. As a result, the price fell nearly 3% and settled at $82.86. Sellers retained control on Saturday as LTC dropped over 3% and settled at $80.30. The price faced volatility and selling pressure on Sunday as market sentiment worsened. As a result, LTC plunged to an intraday low of $76.24. However, it rebounded from this level to reclaim $80 and settle at $80.16. The current session sees LTC up almost 1%, trading around $80.70. Buyers will look to retain control and push the price towards $85. Optimism (OP) Price Analysis Optimism (OP) registered a sharp drop on Friday, falling over 6%, slipping below $0.60 and settling at $0.590. It recovered on Saturday, registering an increase of 1.58%, but was back in the red on Sunday, dropping 1.31% to end the weekend at $0.592. OP reached an intraday high of $0.617 on Monday but lost momentum after reaching this level. As a result, it fell almost 2% to $0.581. Sellers retained control on Tuesday as the price fell nearly 4% to $0.561. OP fell to an intraday low of $0.534 on Wednesday as selling pressure intensified. However, it recovered from this level to register a marginal increase and settle at $0.561. Source: TradingView OP registered another marginal increase on Thursday and moved to $0.564. However, selling pressure returned on Friday as the price fell over 5% and settled at $0.536. OP plunged nearly 6% on Saturday as bearish sentiment intensified and settled at $0.505. The price dropped to an intraday low of $0.459 on Sunday as market sentiment worsened. However, OP recovered from this level to settle at $0.486, ultimately registering a drop of almost 4%. The current session sees OP up 1.33%, trading around $0.492. Buyers will look to maintain control and push the price beyond $0.50. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily