Bitcoin fell to its lowest level in 10 days on Wednesday, slipping below $76,500 as renewed military strikes between the United States and Iran triggered another wave of risk aversion across cryptocurrency markets.
The decline came after Bitcoin failed several times to break above the $79,000 level in recent sessions. The latest sell-off also weighed on most major altcoins, with Ethereum, XRP and Solana among the assets posting daily losses.
Bitcoin Loses Ground After Failing to Break $79,000
Bitcoin had staged a strong recovery beginning August 19, gaining more than $16,000 and briefly moving above $81,000 on multiple occasions last week. The rally eventually lost momentum as sellers emerged near the highs.
The cryptocurrency’s subsequent pullbacks were relatively limited, although Bitcoin fell to around $77,000 on Friday following a hawkish speech at Jackson Hole by new Federal Reserve Chair Kevin Warsh.
Market sentiment improved over the weekend, allowing Bitcoin to recover some of those losses. The cryptocurrency reached approximately $79,000 on Sunday evening before renewed US-Iran military action pushed it lower by roughly $2,000.
Bitcoin attempted another recovery on Tuesday, once again approaching the $79,000 mark. The rebound, however, failed to hold as renewed reports of US and Iranian strikes intensified concerns across global financial markets.
The latest selling pressure pushed Bitcoin below $76,500, marking its lowest price since August 23.
The move highlights the sensitivity of cryptocurrency markets to geopolitical developments, particularly when investors are already assessing uncertainty surrounding interest rates and broader risk assets.
Major Altcoins Follow Bitcoin Lower
Most large-cap cryptocurrencies also moved lower during the latest market decline.
Ethereum fell about 2% over the past 24 hours, trading below $2,400. XRP also weakened, moving further below the $1.35 level, while Solana slipped below $100.
Other major cryptocurrencies, including TRON, Hyperliquid, Zcash, Dogecoin, Monero and Chainlink, were also trading in negative territory.
Uniswap was one of the notable exceptions among larger cryptocurrencies. UNI gained nearly 10%, climbing above $6.20 as the token continued to outperform much of the broader market.
Some smaller- and mid-cap cryptocurrencies also recorded gains despite the wider downturn. Filecoin rose about 14%, while BTW gained approximately 13% and SKY advanced around 6%.
However, gains remained concentrated among a relatively small number of tokens, with most cryptocurrencies retreating over the past 24 hours.
Crypto Market Cap Falls to $2.6 Trillion
The broader cryptocurrency market also weakened during the session. According to CoinMarketCap data, total crypto market capitalization declined by nearly 1% to approximately $2.6 trillion.
The latest move demonstrates how quickly geopolitical developments can influence cryptocurrency prices. With Bitcoin unable to establish a sustained break above $79,000 and renewed tensions in the Middle East adding pressure to risk assets, traders are now watching whether the market can stabilize around current support levels.
Further developments in the US-Iran conflict, alongside expectations for US monetary policy, are likely to remain key factors influencing Bitcoin and the wider cryptocurrency market in the near term.
