Bitcoin and Ethereum experienced significant declines on April 2-3, 2026, following President Trump's announcement that the U.S. would take military action against Iran within the next two to three weeks. Bitcoin fell 3% to $66,172 from its opening price of $68,097.27, while Ethereum dropped 4.4% to $2,030 from its opening of $2,139.63. The president's promise of a 'quick, but fierce end to the fighting' failed to reassure crypto traders, as uncertainty and ongoing geopolitical conflict continue to suppress demand for riskier assets.
The broader cryptocurrency market capitalization declined to $2.38 trillion, marking a 2.4% downturn in the last 24 hours. Bitcoin maintained its dominance at 56.2% while Ethereum held 10.3% market share. Oil prices surged over 14% to $113.01 following Trump's speech, further contributing to the risk-off sentiment in crypto markets.
Despite the short-term volatility, analysts note that Bitcoin's all-time high remains at $126,198.07 from October 6, 2025, while Ethereum's peak was $4,953.73 from August 24, 2025. The current price action reflects the interconnected nature of global markets, where geopolitical events increasingly impact cryptocurrency valuations alongside traditional risk assets.
