Cryptocurrency markets faced significant headwinds today (Wednesday), June 18, 2025, with major digital assets including Bitcoin (BTC) experiencing widespread declines amid mounting geopolitical tensions and macroeconomic uncertainty.

The total cryptocurrency market capitalization dropped 1.6% to $3.28 trillion as investors retreated from risk assets following escalating Middle East tensions and policy uncertainty.

In this article, we answer the question of why crypto is going down today, why Dogecoin is falling for the fifth consecutive session, and what the outlook is for the digital asset market.

Bitcoin Price Maintains Resilience Above $100,000 Despite Pressure

Bitcoin demonstrated relative stability compared to altcoins, declining 1.4% to trade at $104,737. The world's largest cryptocurrency has managed to hold above the psychologically important $100,000 level despite facing pressure from multiple fronts. Over the past week, Bitcoin has declined in six of seven trading sessions, reflecting broader market caution.

The cryptocurrency's price action has been influenced by President Trump's recent comments regarding Iran's supreme leader, which he described as an “easy target,” sparking fresh geopolitical concerns. Bitcoin briefly dipped from $104,310 to $103,553 following these remarks before recovering.

Technical analysis suggests Bitcoin faces critical support at the $102,000 level. Bitfinex analysts noted that “Bitcoin is still at risk of falling further, and it must hold above $102,000 to stay on track for a potential rebound.” Long-term holders remain relatively inactive, indicating no widespread profit-taking despite recent volatility.

“Mirroring the risk off mindset prevalent across markets, cryptocurrency prices were no exception overnight. Geo-political issues around the Middle-East and threat of escalation in one of the major oil producing regions has sent oil and bond prices higher and risk assets like equities and crypto lower. We can expect to see some consolidation until the political situation in the Middle-East calms down and investors once again swing away from bonds,” Paul Howard, Director at Wincent, commented for FinanceMagnates.com.

Ethereum Faces Mounting Selling Pressure

Ethereum (ETH) experienced a sharper decline, falling 1.6% to $2,525. The second-largest cryptocurrency by market capitalization has struggled to maintain momentum above the $2,500 support level. Earlier in the session, Ethereum dropped as much as 8% before paring losses.

The cryptocurrency's performance reflects broader altcoin weakness, with technical indicators showing continued downward pressure. Ethereum's decline comes despite positive developments in the broader ecosystem, including continued institutional interest and regulatory clarity around stablecoins.

Market observers point to Ethereum's correlation with risk assets as a key factor in its recent underperformance. The token has been particularly sensitive to macroeconomic developments and geopolitical tensions.

Ethereum must defend the $2,500 level to prevent further deterioration, while XRP faces resistance at $2.20 with potential downside targets around $2.10.

XRP Price Extends Losses Amid Regulatory Uncertainty

XRP suffered one of the steepest declines among major cryptocurrencies, falling over 3% to $2.15. The Ripple-associated token has now declined nearly 9% for the week, facing resistance at the $2.20 level.

High-volume selling pressure dominated XRP trading, with the sharpest declines occurring during peak trading hours. Technical analysis reveals a descending channel pattern, suggesting continued bearish momentum unless buyers can reclaim key resistance levels.

The token's weakness comes despite ongoing developments in Ripple's ecosystem, including the upcoming RLUSD stablecoin deployment and regulatory progress in Dubai and Singapore markets.

Dogecoin Extends Losing Streak to Fifth Consecutive Day

Dogecoin (DOGE) continued its downward trajectory, falling 1.5% to $0.17, marking the fifth consecutive day of declines. The meme-inspired cryptocurrency has been particularly vulnerable to the current risk-off sentiment, dropping from $0.176 to $0.164 during the session's most intense selling period.

The cryptocurrency found support at the $0.164 level, forming what some analysts view as a potential double bottom pattern. However, trading volume has declined sharply as the market awaits clearer directional signals.

“What’s telling is the pressure on second-tier altcoins. Look at the daily candles and monthly performance: XRP and SOL are down more than 6%, while DOGE, SUI, ADA, and AVAX have dropped over 15%. This divergence suggests a market that’s becoming more selective favoring large-cap resilience while shedding riskier assets,” said Dr. Kirill Kretov from Coinpanel.

“That said, we have to remember: crypto market liquidity is still extremely thin,” he added. “Volatility remains tightly managed by larger players who continue to extract profits by hunting unhedged or leveraged participants. The current environment rewards caution and punishes overexposure especially outside the majors.”

Why Is Crypto Going Down Today?

Geopolitical Tensions Drive Risk-Off Sentiment

The primary catalyst for the current market weakness stems from escalating tensions between Israel and Iran. Rising oil prices and concerns about potential U.S. involvement have prompted investors to reduce exposure to risk assets, including cryptocurrencies.

Liquidations Amplify Downward Pressure

Over $230 million in long cryptocurrency positions were liquidated in the past 12 hours, according to Coinglass data. This forced selling has amplified downward pressure across the market.

Iranian Exchange Hack Compounds Market Pressure

Adding to the cryptocurrency market's woes, Iran's largest digital asset exchange Nobitex suffered a devastating cyberattack that drained approximately $82 million from its wallets on June 18, 2025. The Israeli-linked hacking group “Gonjeshke Darande” (Predatory Sparrow) claimed responsibility for the breach, moving stolen funds through provocatively named wallet addresses containing anti-Iranian messaging across multiple blockchain networks including Tron, Bitcoin, Dogecoin, and Ethereum-compatible chains.

Stablecoin Regulation Provides Long-term Optimism

Despite near-term headwinds, the U.S. Senate's passage of the GENIUS Act represents a significant milestone for the cryptocurrency industry. The bipartisan legislation establishes a regulatory framework for stablecoins backed by Treasury bills and high-quality liquid assets.

How High Can Crypto Go? Market Price Predictions and Recovery Prospects

Despite current weakness, several factors support potential recovery scenarios. The cryptocurrency market has historically demonstrated resilience following geopolitical shocks, and institutional adoption continues to grow.

Related: How High Can Bitcoin Go? New BTC Price Predictions Point to $200K in 2025 and $1M Long Term

The passage of stablecoin legislation could accelerate mainstream adoption by enabling traditional companies to incorporate cryptocurrency payment systems. This regulatory clarity represents a structural positive for the industry's long-term prospects.

However, near-term volatility is likely to persist as markets navigate ongoing geopolitical tensions and central bank policy decisions. The Federal Reserve's upcoming policy meeting and continued Middle East developments will be key catalysts for market direction.