The missiles started flying, and so did the sell orders. Within hours of the US and Israel launching coordinated strikes on Iran, Bitcoin had dropped as much as 3.8% to $63,038, Ethereum had fallen nearly 9%, and more than 152,000 traders had been liquidated across crypto markets. With traditional stock and bond markets closed for the weekend, digital assets absorbed the full force of the panic — alone.

US President Donald Trump confirmed on Friday that the US had begun what he described as “major combat operations” against Iran, with strikes aimed at the country’s missile systems, naval assets, and nuclear infrastructure.

Reports say Israel’s Defense Minister Israel Katz described the operation as a preemptive move, with both governments coordinating the assault. The scale and speed of the attack caught many off guard, and Iran’s response came quickly.

The US is carrying out strikes on Iran, two US officials tell 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 targeting not just Israel but American military installations across the Gulf region. A US base in Bahrain was reportedly struck. Qatar and the UAE said their defense systems intercepted projectiles flying over their territory.

Explosions were heard in Dubai. Bahrain shut its airspace entirely. Iran’s semi-official Tasnim news agency declared that all US bases and interests across the region would be considered legitimate targets.

The conflict, by Saturday morning, had spread well beyond Iranian and Israeli borders.

Stocks, bonds, and commodities markets were closed. Crypto was not. Bitcoin trades around the clock, every day of the week, which made it the only major financial market available to absorb the weekend’s fear.

The selling was fast and broad. Reports say roughly $128 billion in total market value was wiped across digital assets in the hours following the strike confirmation.

Bitcoin fell from around $66,000 to as low as $63,038 before settling near $64,000. Ethereum dropped below $1,850. XRP slid 8% to trade near $1.29. Solana, Dogecoin, Cardano, and Chainlink each recorded losses of between 8% and 12%.

According to CoinGlass data, Bitcoin futures liquidations reached approximately $192 million, with futures trading volume surging to around $68.27 billion — a sign that derivatives markets were amplifying the move rather than spot sellers driving it alone. Total liquidations across all crypto assets hit $515 million within 24 hours.

The Fear and Greed Index, a widely watched measure of market sentiment, fell to 14 — deep inside extreme fear territory.

Featured image from Getty Images, chart from TradingView

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