Bitcoin, Ethereum, Dogecoin Fall As US Involvement In Iran-Israel War Threatens Oil Prices Spike: Arthur Hayes Says 'Weakness Shall Pass' And BTC Will Show Its Safe Haven Status

Leading cryptocurrencies slid on Sunday as investors feared a larger conflict following the U.S.'s involvement in the Iran-Israel war.

Cryptocurrency	Gains +/-	Price (Recorded at 8:35 p.m. ET)
Bitcoin BTC/USD	-1.95%	$100,965.74
Ethereum ETH/USD	-2.33%	$2,244.24
Dogecoin DOGE/USD	-3.23%	$0.1520

What Happened: Bitcoin plunged below $99,000 late in the afternoon, but an overnight spike helped pare some of the losses.

Ethereum tumbled to an intraday low of $2,116.68, a level not seen since early May.

The two blue-chip coins recorded a sharp jump in trading volumes, indicating strong selling pressure.

Nearly $657 million was liquidated from the cryptocurrency market in the last 24 hours, with $524 million in longs wiped out.

Bitcoin’s Open Interest fell 1.44% in the last 24 hours, broadly matching the decline in the spot price.

The market sentiment improved from "Fear" to "Neutral" in the last 24 hours, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours)

Cryptocurrency	Gains +/-	Price (Recorded at 8:35 p.m. ET)
Hyperliquid (HYPE)	+4.57%	$35.43
Kaia (KAIA)	+3.72%	$0.1884
Fartcoin (FARTCOIN)	+3.33%	$0.9338

The global cryptocurrency market capitalization stood at $3.09 trillion, following a decline of 2.19% in the last 24 hours.

Stock market futures edged lower overnight Sunday. The Dow Jones Industrial Average Futures fell 179 points, or 0.42%, as of 8:38 p.m. EDT. Futures tied to the S&P 500 slid 0.42%, while Nasdaq 100 Futures lost 0.55%.

The market felt jittery as the U.S. joined the war against Iran, executing precision strikes on the nuclear facilities in the Middle Eastern country.

In response, Iran’s parliament voted to authorize the potential closure of the Strait of Hormuz, the world's most sensitive oil shipping chokepoint, sending oil prices spiking. The U.S. West Texas Intermediate rose 0.92% to $75.86 a barrel, marking a five-month high.

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Analyst Notes: In a note to Benzinga, the co-founder and COO of Bitcoin IRA said, "The biggest fear for the U.S. economy remains the geopolitical choke point of the Strait of Hormuz, where retaliation could skyrocket oil prices and cause significant economic uncertainty.

He said that this could boost Bitcoin's appeal, as the coin represents a "freedom from fiat currency and the economic constraints" that come with traditional monetary systems

Arthur Hayes, co-founder of cryptocurrency exchange BitMEX and Chief Investment Officer at Maelstrom Fund, noted Bitcoin's dip below $100,000 and anticipated more central bank money printing and government spending in the future.

"This weakness shall pass and BTC will leave no doubt as to its safe haven status," he added.

Do you hear that? … it's the sound of the money printers revving up to do their patriotic duty. This weakness shall pass and $BTC will leave no doubt as to its safe haven status. pic.twitter.com/PTfZaAXFp7
— Arthur Hayes (@CryptoHayes) June 22, 2025