Bitcoin, XRP, Dogecoin Flat, Ethereum Gains Amid Escalating Iran War: Analyst Says 'Peak Fear' Behind Us As Conflict 'Heavily Priced' In Already

Leading cryptocurrencies moved sideways on Sunday, while gold and crude oil spiked amid investor concerns over escalating Middle East tensions.

Crypto Market Holds Steady

Bitcoin endured a volatile weekend, slipping below $64,000 after the U.S. and Israel launched military operations against Iran, but rebounded above $66,000 by Sunday. Ethereum followed a similar path, recovering above $1,900 after a drop below $1,840.

Over $420 million was liquidated from the market in the last 24 hours, with long liquidations accounting for more than 50% of the total.

Bitcoin’s open interest was largely unchanged over the last 24 hours. Meanwhile, retail and whale traders on Binance remained long on the apex cryptocurrency.

“Extreme Fear” sentiment lingered in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.32 trillion, following a drop of 1.82% over the last 24 hours.

Stock Futures Slide, Oil Jumps

Stock futures fell overnight on Sunday. The Dow Jones Industrial Average Futures slid 541 points, or 1.11%, as of 7:45 p.m. EDT.  Futures tied to the S&P 500 declined 1%, while Nasdaq 100 Futures lost 0.96%.

Crude oil prices surged, with West Texas Intermediate exceeding $72 per barrel after the joint U.S.-Israeli strikes on Iran sparked fears of global supply disruptions. Analysts warned that potential blockade of the Strait of Hormuz, the world's most vital checkpoint, could drive prices as high as $140 per barrel.

Spot gold surges past $5,380 an ounce amid rising safe-haven demand.

‘Peak Fear Is Behind Us’

Widely followed cryptocurrency analyst and trader Michaël van de Poppe countered "market consensus" expecting gold and oil rallies to extend into the new trading week.

"The uncertainty was whether or not the U.S. was going to attack Iran, and that was heavily priced in already," the analyst said. "It has happened. Peak fear is behind us, and slowly this should translate into a rotation on the markets."

The analyst expected Bitcoin and equities to "do well" over the next 1-2 months.

Javon Marks, another analyst with a significant following on X, spotted a "hidden bullish divergence" on Bitcoin near the critical support level of $67,559

"This can bring prices back above $116,652 and toward the current all time highs at $126,000," the analyst projected.

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