Bitcoin slid to $66,321 while XRP dropped 2.65% to $1.31 after Israel launched a military operation against Iran, sending the crypto Fear & Greed Index to 11, its deepest “Extreme Fear” reading in months.
Israel-Iran Escalation Triggered the Crypto Risk-Off Move
On June 13, 2025, Israeli Prime Minister Netanyahu announced that Israel had launched Operation Rising Lion, a targeted military operation aimed at rolling back what Israel called the Iranian threat. The statement said the operation would continue “for as many days as it takes.”
Prime Minister Netanyahu:
"Moments ago, Israel launched Operation Rising Lion, a targeted military operation to roll back the Iranian threat to Israel's very survival.This operation will continue for as many days as it takes to remove this threat." pic.twitter.com/3c8oF1GCYa
— Prime Minister of Israel (@IsraeliPM) June 13, 2025
Source: @IsraeliPM on X
The geopolitical escalation, not a crypto-specific catalyst, drove the sell-off. When Israeli forces struck nuclear and military targets in Iran, bitcoin fell as low as $103,162 in the initial reaction, trading roughly 2% lower on the day. Polymarket had priced the chance of Israeli action against Iran by July at under 30 cents before the strikes caught markets off guard.
BTC has since extended its decline well below that level. At the time of the latest snapshot, bitcoin was trading at $66,321, down 1.55% over 24 hours, with roughly $47.66 billion in daily volume. The continued sell-off mirrors a pattern seen during earlier rounds of Iran-related headlines that briefly spiked BTC before risk aversion took hold.
Why XRP Is in Focus as Support Comes Into View
XRP has been among the harder-hit majors during this risk-off phase. The token was last quoted at $1.31, down 2.65% over 24 hours, underperforming bitcoin’s 1.55% decline in the same window.
Technical analysis syndicated by CryptoPotato on TradingView previously flagged a crucial support region for XRP at $0.43, where the token had rebounded above its 100-day and 200-day moving averages. On the 4-hour chart, the same analysis identified support between the 0.5 Fibonacci level ($0.52) and the 0.618 level ($0.48), with near-term support at $0.55 and resistance at $0.64.
Those levels were established at different price conditions, but the framework remains relevant for traders watching whether the current broader market sell-off will push XRP back toward historically tested zones.
What Traders Should Watch in BTC, XRP and Sentiment
The Fear & Greed Index sits at 11, deep in Extreme Fear territory. That reading reflects broad risk aversion across crypto, not just weakness in a single token.
With the Israeli prime minister’s statement signaling the military operation could last multiple days, headline risk remains elevated. No crypto-specific regulatory catalyst has emerged to offset the geopolitical pressure, leaving sentiment as the primary driver.
Traders focused on upcoming macro catalysts, including Federal Reserve commentary and GDP data, may find those events overshadowed if the conflict escalates further. For now, both BTC and XRP remain pinned below resistance as the market digests an open-ended military operation with no clear timeline for de-escalation.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
