17-6-2025 – Global financial markets, particularly cryptocurrencies, have taken a hit as geopolitical tensions in the Middle East intensify. Bitcoin, the bellwether of digital currencies, saw its value plummet by 2%, shedding over $2,000 in mere hours, dropping from a high of $108,780 to $106,421 before a slight rebound. Ethereum, the second-largest cryptocurrency, suffered an even steeper decline, tumbling nearly 4.8% to hover just above $2,500. Other major altcoins faced losses of 5% to 6%, contributing to a staggering $80 billion drop in total market capitalisation, with $400 million in leveraged positions wiped out, according to data from CoinGlass.
The catalyst for this market unrest appears rooted in escalating conflicts involving Israel and Iran, compounded by a stark warning from US President Donald Trump. In an abrupt departure from the G7 summit in Canada, Trump issued a chilling directive via his Truth Social platform, urging immediate evacuation from Tehran. His early exit from the summit, confirmed by US Press Secretary Karoline Leavitt, was prompted by the worsening situation in the Middle East. “Significant progress was made at the G7, but the President’s presence is required back home due to pressing developments,” Leavitt noted, as reported by CBS News. Trump himself, addressing journalists before his departure, underscored the urgency: “I need to return for reasons that are clear.”
President @realDonaldTrump is leaving the G7 Summit in Canada early, telling the National Security Council to be prepared in the Situation Room for his return. pic.twitter.com/eQpkveuNUj
— Fox News (@FoxNews) June 17, 2025
Adding to the sense of alarm, the Chinese embassy in Israel issued a stark advisory, calling on its citizens to exit the country swiftly via land borders. “The ongoing Israel-Iran conflict has led to damaged civilian infrastructure and rising casualties, severely deteriorating the security environment,” the embassy declared on WeChat, according to Reuters. Echoing this, Russia’s embassy in Israel, through Ambassador Anatoly Viktorov, urged its nationals to depart until stability is restored, as conveyed to state media.
The White House, meanwhile, is bracing for potential escalation, with Trump instructing the National Security Council to convene in the Situation Room upon his return, per Fox News. These developments have cast a shadow over global markets, with cryptocurrencies bearing the brunt of renewed volatility. Bitcoin, which had held firm above $100,000 since early May, remains confined to a narrow trading range, underscoring the market’s sensitivity to geopolitical shocks.
