#我在Gate广场过新年 The crypto market evaporated hundreds of billions of dollars! How powerful is Trump's "Iran card"?

It dropped again. When I opened the trading app today, I guess many people felt a chill. Bitcoin fell below $65,000, Ethereum also lost the $1,900 mark, and other coins are in a sea of red, with Solana dropping over 9%.
Coinglass shows that in the past 24 hours, the entire network's futures contracts liquidated $465 million, taking 136,700 traders along for the ride. Some jokingly say, this isn't just a dive, it's a "jump off a building."

The total market capitalization of cryptocurrencies evaporated over $100 billion in a single day. The main culprits are those familiar two: geopolitical tensions and tariffs.

Foreign media reports that Trump may take action against Iran in the coming days. It is said he has already told advisors he favors a "preliminary strike" first, with larger actions possible if that doesn't work. Once this news broke, market nerves immediately tightened.
Meanwhile, U.S. tariff policies are also causing panic. The Supreme Court recently ruled that Trump's previous large-scale tariffs were illegal, and Trump quickly announced a new move—imposing a 15% import tariff on global goods for 150 days. This angered the EU, which held an emergency meeting to assess the situation and may even suspend trade agreements with the U.S.

India, which was planning to send a delegation to Washington for trade talks, has also temporarily postponed.

With the macro environment in such chaos, risk assets are naturally the first to suffer. U.S. stock index futures are also falling, with Nasdaq futures down nearly 1%.

Some analysts say the market is very fragile right now, and everyone is watching the $60,000 support level closely. If $65,000 can't hold, then $60,000 will really come into view. On the upside, it needs to reach $70,000 to reverse the current pessimism.

Thinking back to November last year when Trump just won the election, the market was euphoric, expecting loose policies to come, and Bitcoin surged to a record high of $126,000. Who would have thought that just a few months later, the scene changed dramatically? From the high point, the entire crypto market's value has evaporated over $2 trillion. Truly, as the saying goes: the night in the crypto world is especially long.

Hope everyone’s positions are still safe tomorrow morning.