Altcoins Bleed Out After Trump Confirms Attacks Against Iran, BTC Down to $63K: Weekend Watch

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Ah, what a spectacle we have witnessed! Bitcoin, once the pride of the crypto world, now finds itself descending into the depths of despair. The cause? Israel’s audacious attack on Iran, swiftly followed by none other than President Trump confirming that the US, of course, couldn’t resist joining the fun. The markets, stunned and appalled, react as one might expect: a grandiose collapse.

As expected, our beloved altcoins have also bled profusely, with Binance Coin emerging as the sole victor in this chaotic arena, overtaking XRP as though it were a mere footnote in history.

BTC Dumps Again

Oh, what a fickle creature Bitcoin is! One moment it soars to grand heights, and the next, it crashes to the earth as if taunting us with its volatility. Just this week, the bear market seemed to have taken full control, pushing BTC down to a miserable $62,500. But wait! Just as we were about to mourn its fall, Bitcoin springs back, as if mocking our despair, reaching a glorious $70,000 by Wednesday. A classic case of the ‘dead-cat bounce,’ they say. Indeed, it was no miracle, for soon after, the price slid back down to a respectable $68,000, where it remained, sighing and pondering its fate through Thursday and Friday.

But, as always, fate has other plans! On Saturday, Israel launched its preemptive strike on Iran, and the entire world seemed to hold its breath. In mere minutes, Bitcoin’s price plummeted, reaching under $62,800, as if to prove that nothing, not even global politics, can save it from its periodic demise. Yet, like any grand drama, there was a flicker of hope, with Bitcoin managing to recover slightly to $63,400. But beware, dear reader, for Trump’s confirmation of US involvement promises more chaos and volatility to come!

Currently, Bitcoin’s market cap has dwindled to a mere $1.275 trillion, and its once glorious dominance over altcoins has dipped below 56%. How the mighty have fallen!

Alts Bleed

And now, let us turn our gaze to the altcoins, the humble companions of Bitcoin. Oh, how they suffer! The graph below tells the grim tale of almost every altcoin in existence, deep in the red, as if in mourning for their fallen king. Ethereum, once a beacon of hope, has lost $200, now languishing at a paltry $1,850. XRP, once a proud contender, is overtaken by Binance Coin with a 9% drop. Solana, poor Solana, has suffered a double-digit collapse, now beneath the $80 mark. It’s a veritable bloodbath!

ADA, HYPE, BCH, DOGE, CC, LINK, and XLM have all taken severe hits, their declines almost poetic in their cruelty. Some coins, such as KCS, PIPPIN, and STABLE, have seen drops of up to 20%, though stablecoins linked to gold seem to have evaded the carnage, staying in the green, as though they are immune to the horrors of the crypto world.

The total market cap of this entire cryptographic circus has vanished by over $100 billion in a single day, now well below $2.3 trillion. A stunning spectacle indeed, one worthy of Shakespearean tragedy!

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2026-02-28 11:32