The crypto market is dropping today, August 1, as escalating geopolitical tensions between the US and Iran weigh on market sentiment and trigger an increase in selling pressure.

The ongoing drop has also caused $238 million in liquidations per Coinglass data, with 78% of these being long liquidations. However, Pi Network (PI) and Pump Fun (PUMP) are defying the drop with over 6% in gains.

Crypto Market Drops as US-Iran Tensions Escalate

Data from CoinMarketCap shows that all of the top ten crypto coins by market cap are trading in the red apart from Tron (TRX) and Dogecoin (DOGE), which are up slightly by 0.42% and 0.40%, respectively.

The total crypto market cap has also dropped by 1.03% to…