The cryptocurrency market experienced a sharp decline, losing around $80 billion in value within 24 hours, primarily due to U.S. airstrikes on an Iranian military site near the Strait of Hormuz. Bitcoin dropped to $72,912, marking its lowest point since April 2023, before recovering slightly to approximately $73,271. Ethereum and other altcoins also faced significant losses, with Ethereum down 4.2% to $1,976. The U.S. Central Command's strikes were described as defensive but led to retaliatory actions from Iran, further destabilizing the region. This geopolitical turmoil triggered a liquidation cascade, with nearly $958 million wiped out across the crypto market, predominantly affecting long positions. Traditional markets mirrored this risk-off sentiment, with declines noted in major indices. Analysts suggest that Bitcoin and Ethereum are behaving more like high-risk assets rather than hedges, complicating the outlook for crypto investors. The critical $70,000 support level for Bitcoin is now in focus as traders navigate the evolving geopolitical landscape and upcoming economic data.