Crypto market is in free fall as Iran fires missiles at Israel.

The crypto market crashed when Iran launched a missile attack on Israel. Bitcoin falls to $62k; Ethereum drops below $2,500. The value of the global crypto market decreased by 2.72% to $2.18 trillion.

Following Iran's missile launch into Israel, the world's crypto market has been falling sharply.

Elevated geopolitical tensions have sent shockwaves through financial markets around the world, with crypto assets taking a hit.

As news of the missile attack spread, cryptocurrency markets reacted quickly. Bitcoin (BTC), the largest by market capitalization, was down to $61,932.92 at press time, while the second-largest cryptocurrency (ETH) saw a 3.42% drop to below $2,499.30.

Altcoins, often volatile, have experienced sharp declines as investors rush to offload riskier assets, with Arweave (AR), Notcoin (NOT), Gala (GALA) and Worldcoin (WLD) dropping double digits.

As the market tumbled, the global cryptocurrency market cap fell more than 2.72% to $2.18 trillion.

The sudden drop in crypto prices highlights the market's sensitivity to geopolitical events. Historically seen as a hedge against inflation and economic instability, cryptocurrencies are not immune to geopolitical shocks.

Concerned about broader regional instability and its potential impact on global markets, jittery investors moved into safe-haven assets such as gold, sending prices higher.

The attack marks a serious escalation in the already volatile Middle East region. It is said that the Iranian missile was launched in retaliation for Israel's attack on Lebanon to kill the leader of Hezbollah.

But Israel responded immediately, vowing to defend its territory and warning of an impending full-scale conflict.

While the impact of the conflict is not entirely clear, continued volatility in the Middle East could keep the crypto market on edge in the coming days.

Traders and analysts are closely monitoring both diplomatic developments and market reactions.