Bitcoin opened at $66,888 on Friday, down 1.7% from Thursday's opening, while Ethereum dropped 3.8% to $2,057. Both cryptocurrencies continue to show weakness after hitting record highs in 2025, with the current downturn fueling pessimism about long-term outlooks. The Iran War and concerns over economic repercussions have negatively affected demand for riskier assets including Bitcoin, Ethereum, and S&P 500 stocks. President Trump's prime-time address on Wednesday promising a "quick, fierce end" to fighting was not enough to reassure crypto traders. Bitcoin's all-time high remains $126,198 from October 2025, while Ethereum's peak was $4,954 in August 2025.
Market sentiment remains cautious as geopolitical tensions continue to suppress demand for risk assets. The crypto Fear and Greed Index hit an extreme fear level of 9, improved from 12 yesterday but still reflecting deep panic and strong risk aversion among investors. Trading volumes remain elevated at over $100 billion as defensive positioning dominates market behavior.
