Quick Read

• The total crypto market cap fell 3.3% to $2.53 trillion as Bitcoin broke below $73,000, with Ethereum losing the $2,000 level and XRP slipping under $1.30.

• The trigger was fresh US airstrikes on Iran near the Strait of Hormuz, which reversed ceasefire hopes and sent oil up and stocks down in a broad risk-off move.

• The drop hit this hard because the market was already fragile. Spot Bitcoin ETFs bled over $2 billion this month, and nearly $1 billion in mostly-long positions were liquidated in 24 hours.

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The crypto market is deep in the red this morning. The total market is down more than 3% in a…