Bitcoin dropped 4% over the past 24 hours to about $99,300, according to data from Binance. Ether, the second largest cryptocurrency by market capitalization, had an even starker decline, shedding almost 10%. The total crypto market has tanked about 7% over the past day.

The selloff happened just hours after the U.S. bombed three key nuclear sites in Iran on Saturday. 

In mid-June, a United Nations–backed nuclear watchdog said that Iran wasn’t complying with prohibitions against developing a military nuclear program. Israel struck Iran shortly after the watchdog publicized its allegations, and the Islamic Republic retaliated. On Saturday, Trump announced that he had authorized the U.S.’s entrance into the conflict. 

“This is an HISTORIC MOMENT FOR THE UNITED STATES OF AMERICA, ISRAEL, AND THE WORLD. IRAN MUST NOW AGREE TO END THIS WAR. THANK YOU!” Trump posted Saturday night on social media in all capital letters.

Bitcoin’s recent plummet below the psychologically important threshold of $100,000 follows a year of gains for the cryptocurrency. 

After Trump won the 2024 presidential election in November, it soared. Major stock indices like the S&P 500 also jumped, but Bitcoin and the broader crypto market’s gains were especially steep. Investors saw a White House under Trump, who’s described himself as a “pro-crypto” president, as a potential boon for the industry.

Once Trump assumed office in January, Bitcoin soon notched all-time highs above $100,000 in February as the 47th president unveiled executive orders designed to help the crypto industry. Still, the cryptocurrency soon followed the broader financial markets and declined in price. In April, shortly after Trump unveiled a suite of historically severe tariffs, Bitcoin dipped to almost $75,000, its lowest mark in 2025.

Recently, Bitcoin, which usually tracks with tech stocks and the tech-heavy Nasdaq, has rallied. In May, it notched its all-time high as Wall Street investors piled back into the cryptocurrency through U.S. exchange-traded funds, or ETFs. In June, it’s trended lower amid geopolitical instability in the Middle East.