The cryptocurrency market has lost $80 billion.

The global cryptocurrency market lost approximately $80 billion in market capitalization in the past 24 hours following new US airstrikes on Iran in the early hours of May 28th, raising concerns that the Middle East conflict could escalate again.

A simulated image of the Bitcoin cryptocurrency. Photo: AFP/TTXVN

The world's largest cryptocurrency, Bitcoin, fell by more than 3.5%, to around $72,640, its lowest level since early April. Meanwhile, Ethereum lost more than 4% of its value and dropped below the psychological threshold of $2,000, to around $1,980.

According to data from Coinglass, the sell-off triggered nearly $1 billion in liquidation orders on leveraged trading markets, increasing downward pressure on major digital assets.

Investors are increasingly cautious about the risk that a prolonged US-Iran conflict could push inflation higher and force the Federal Reserve to keep interest rates high for longer than expected.

In addition, rising US Treasury yields coupled with a strengthening US dollar are also putting pressure on risky assets such as cryptocurrencies.

Another factor contributing to the market's weakness is the outflow of capital from spot bitcoin ETFs in the US. Since the beginning of May, investors have withdrawn approximately $1.5 billion from bitcoin ETFs. BlackRock's iShares Bitcoin Trust (IBIT) recorded its second-largest outflow ever on May 27th, with approximately $527.8 million withdrawn.

For Ethereum, the sharp price drop has caused the volume of open contracts on the Ether futures market to surge to a record high of approximately 16 million ETH, reflecting an increasing trend of betting on the possibility of further price declines.

Global financial markets were shaken after reports emerged that the US military had conducted another round of airstrikes targeting Iranian military targets, and shot down four Tehran-backed attack drones. Following this, the Iranian Islamic Revolutionary Guard Corps (IRGC) announced it had retaliated against a US military base in Kuwait.

Tensions escalated while negotiations to end the conflict continued. Speaking at a cabinet meeting at the White House, US President Donald Trump said he was "not happy" with the current progress of negotiations and left open the possibility of further military action.

Along with the cryptocurrency market, world oil prices also surged after the airstrikes. WTI crude briefly surpassed $92 per barrel, while Brent crude approached $98 per barrel before cooling down slightly afterward.

Source: https://baotintuc.vn/kinh-te/thi-truong-tien-so-boc-hoi-80-ty-usd-20260528171325601.htm