Bitcoin’s price briefly fell below $64,000 on Saturday, February 28, 2026, following reports of joint U.S. And Israeli airstrikes targeting Iran, triggering a wave of liquidations across the cryptocurrency market.
The price decline came as Israel confirmed a “pre-emptive” missile attack against Iran, with reports indicating U.S. Participation in the strikes. Iranian officials subsequently stated their preparation for a response, warning of potentially severe counterattacks. The strikes targeted Iran’s nuclear infrastructure, according to a video address by U.S. President Donald Trump, who as well called on Iranians to “take over your government.”
Within 15 minutes of the initial reports, over $100 million in long positions were liquidated, according to data from The Kobeissi Letter. CoinGlass reported over $515 million in total liquidations within a 24-hour period, with 152,275 traders affected. The largest single liquidation occurred on Aster in the BTCUSDT pair, valued at $11.17 million.
The rapid price drop and subsequent liquidations underscored Bitcoin’s behavior as a risk asset during times of geopolitical crisis, despite ongoing debate over its potential as a safe haven. The sell-off extended beyond Bitcoin, with altcoins experiencing declines of 8-12%, contributing to a 5.42% decrease in the total crypto market capitalization within one hour, according to CoinPedia.
While traditional financial markets were closed at the time of the strikes, crypto markets reacted in isolation. The situation escalated following the conclusion of U.S.-Iran talks regarding Tehran’s nuclear program without a clear resolution, with further discussions scheduled for the following week.
As of Monday, March 2, 2026, Bitcoin had rebounded to around $66,500, though market sentiment remained cautious. No official statement has been released regarding the long-term impact of the strikes on cryptocurrency markets.
