The rockets started flying, as did the sales orders. Within hours of the US and Israel launching coordinated attacks on Iran, Bitcoin had fallen as much as 3.8% to $63,038, Ethereum had fallen almost 9% and more than 152,000 traders around the world had been liquidated. crypto markets. With traditional stock and bond markets closed this weekend, digital assets absorbed the full force of the panic – if for no other reason than that.
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US and Israel bomb Iranian military and nuclear sites
US President Donald Trump confirmed on Friday that the US has started what he described “major combat operations” against Iran, with attacks targeting the country’s missile systems, naval assets and nuclear infrastructure.
Reports Israeli Defense Minister Israel Katz described the operation as a pre-emptive action, with both governments coordinating the attack. The scale and speed of the attack surprised many, and Iran’s response was swift.
The US is carrying out attacks on Iran, two US officials told CNN. Follow live updates: https://t.co/pG6pfrPwlm pic.twitter.com/vPGeQ9ILHp
— CNN (@CNN) February 28, 2026
According to reports, Iran launched waves of missiles and drones not only against Israel, but also against US military installations throughout the Gulf region. A US base in Bahrain was reportedly hit. Qatar and the UAE said their defense systems intercepted projectiles flying over their territories.
Explosions were heard in Dubai. Bahrain completely closed its airspace. Iran’s semi-official Tasnim news agency stated that all US bases and interests throughout the region would be considered legitimate targets.
The conflict had spread far beyond the Iranian and Israeli borders by Saturday morning.
Crypto markets are taking a hit that traditional markets cannot yet feel
The stock, bond and commodity markets were closed. Crypto was not. Bitcoin is traded 24 hours a day, every day of the week, making it the only major financial market available to catch the weekend fears.
Sales were fast and broad. Reports say that in the hours after the strike was confirmed, approximately $128 billion in total market value of digital assets was wiped out.
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Bitcoin fell from around $66,000 to $63,038 before settling near $64,000. Ethereum dropped below $1,850. XRP fell 8% to trade near $1.29. Solana, Dogecoin, Cardano and Chainlink each posted losses between 8% and 12%.
According to CoinGlass factsBitcoin futures liquidations reached about $192 million, while futures trading volume rose to about $68.27 billion — a sign that derivatives markets amplified the move rather than spot sellers driving it alone. The total number of liquidations of all crypto assets reached $515 million within 24 hours.
The Fear and Greed Indexa widely watched measure of market sentiment, fell to 14 – deep into extreme fear territory.
Featured image from Getty Images, chart from TradingView