Iran Goes Nuclear on the UN, Markets Go Nuclear on Risk Assets 💥

Bitcoin fell to $84,242.05, down 2.1% over 24 hours, as the broader crypto market sold off alongside equities and precious metals following a combative address by Iranian President Masoud Pezeshkian at the UN General Assembly. Total crypto market capitalization stood at $3.01 trillion, roughly flat over the past day despite the intraday decline. Ethereum traded at $2,658.60 and $XRP at $1.51.

Pezeshkian told the assembly that Iran "will never bow our head or bend at the knee," while insisting the country remains open to dialogue "without accepting the language of force." He also rejected accusations of terrorism, stating, "We just defended ourselves. We are not terrorists." The US delegation reportedly walked out during the address after Pezeshkian accused the United States of violence against civilians. Markets began falling almost immediately after the speech as traders priced in the possibility of a prolonged US-Iran conflict, a scenario that could push oil prices higher and add fresh pressure on inflation.

According to Bull Theory, close to $1 trillion in value was erased across US stocks, metals, and crypto within a single hour. The S&P 500 fell 0.6%, shedding $414 billion in market value. Gold dropped 0.8%, losing $242 billion, while silver fell 1.5%, wiping out $55 billion. The Nasdaq declined 1.1%, losing roughly $149 billion. Bitcoin's share of the damage came to about $40 billion.

Despite the pullback, $XRP remains up nearly 20% over the past week, and Bitcoin is still up close to 12% over the same period, indicating that the decline reflects fresh geopolitical uncertainty rather than a reversal of the broader rally. The path forward for markets will likely depend on whether US-Iran tensions escalate further or ease in the coming days.