Americas Crypto Market Report: Bitcoin Holds Ground Amidst Global Market Turmoil

By Francisco Rodrigues (All times ET unless specified otherwise) The cryptocurrency market experienced a downturn as global sentiment was impacted by Israeli airstrikes on Iran's nuclear and missile facilities, prompting investors to move away from risk assets. The CoinDesk 20 Index (CD20), a broad measure of the cryptocurrency market, declined by 6.1% over 24 hours. Bitcoin, often viewed as a safe-haven investment, dropped by 2.9% to $86,817.46. In contrast, gold futures rose by 1.3%, reflecting a traditional safe-haven asset. According to Israeli Prime Minister Benjamin Netanyahu, the overnight attack targeted Iran's top military leaders and aimed to curb Iran's nuclear program and missile capabilities. In response, Iran launched 100 suicide drones towards Israeli territory, with a more significant reaction anticipated. The attack occurred less than 24 hours after the International Atomic Energy Agency reported that Iran was not adhering to uranium enrichment limits. The US denied involvement in the attack, which resulted in the deaths of several Iranian military leaders. The escalation led to a decline in risk assets across the board. The Japanese Nikkei dropped by approximately 0.9%, US index futures fell by 1.2%, and the Euro Stoxx 50 lost 1.35%. Conversely, US crude oil futures rose by over 6% to $73, while Brent crude spiked 14% at one point. Gold prices surged to $3,445 per ounce, nearing its all-time high. The decline in cryptocurrencies erased earlier gains made during the week, which were driven by speculation about ETF approvals. Solana's sol experienced a significant rally after reports emerged that the SEC had asked ETF issuers to update their S-1 filings, potentially expediting the launch timeline. However, sol has since dropped by nearly 9.5% in the last 24 hours. Jake Ostrovski, an OTC trader at Wintermute, stated, 'Reports surfaced overnight that the SEC has asked Solana ETF issuers to update S-1 filings, triggering a sharp rally in SOL.' Bloomberg ETF analysts Eric Balchunas and James Seyffart remain optimistic, assigning a 90% probability of approval by year-end, with potential approvals coming as soon as July or within three to five weeks of the updated filings, according to Ostrovski. As a result, Ostrovski noted that the market is 'now relatively underexposed to SOL and related assets, making the current setup particularly interesting to watch.' Despite the optimism and growing inflows into spot crypto ETFs, with BTC funds bringing in $939 million month-to-date and ETH seeing $811 million in net inflows, investors are now focused on the Middle East. Polymarket traders are weighing a 91% chance that Iran will retaliate against Israel this month, while the perceived odds of US military action against Iran jumped from 4% to 28%. Investors are advised to remain alert. Key Areas to Watch: Token Events Conferences Derivatives Positioning Market Movements Bitcoin Statistics Technical Analysis Crypto Equities ETF Flows Spot BTC ETFs Spot ETH ETFs Source: Farside Investors Overnight Flows Chart of the Day While You Were Sleeping In the Ether UPDATE (June 13, 14:50 UTC): Replaces TKTK with 'Thursday' in Market Movements section.