Amid an escalation of the Middle East crisis, bitcoin fell below $80,000. Most cryptocurrencies slid across the board, with No. 2 by market cap ether plunging nearly 9%.
As of 9 a.m. on the 1st (Korea time), bitcoin was at $78,989 on CoinMarketCap, a global cryptocurrency price tracker, down 5.98% from 24 hours earlier. It is the first time in nine months that bitcoin has fallen below $80,000, since April 11 last year.
Ether was at $2,459, down 8.98%. Solana was $105, down 9.87%, and Ripple was $1.66, down 4.03%.
The steep drop in cryptocurrency prices is seen as stemming from heightened fears over the Middle East crisis. As concerns grow that the Donald Trump administration will strike Iran, investors' risk-off sentiment is strengthening.
U.S. crypto-focused media outlet CoinDesk said that if bitcoin falls below $75,000, a further decline to the $58,000 level cannot be ruled out.