Crypto News Today (June 1): BTC Crashes Below $73K as the US Bombs Iran, Sparking Panic

In crypto news today (June 1), the market has started the new month in a precarious position, with Bitcoin dropping -1.4% overnight, losing key support at $73,000, and currently trading around $72,700. However, ETH USD, in typical fashion, has performed worse, down -2.5% in the past 24 hours and trading for $1,975 after losing key support at $2,000.

May ended on a bearish note for ETF flows, with Ethereum seeing $18M in outflows on May 29 and Bitcoin experiencing more than $118M in outflows, with BlackRock’s IBIT product accounting for $68M of that total.

The total crypto market cap has lost -1.4% overnight and is now at $2.54 trillion, close to losing the key psychological support level of $2.5 trillion.

Daily trading volume is at $67Bn, down sharply from Friday’s $85Bn, indicating a drop in market interest as June gets underway. Traders seem to be sitting on their hands as the ongoing military operations between the US and Iran unfold.

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Crypto News Today: US Bombing Iran Amid Peace Talks – Is a Deeper Crash Coming?

The US military announced “self-defense strikes” on Iranian radar and drone control sites over the weekend, marking its third wave of attacks in just over a week, following the downing of a US MQ-1 drone.

In response, Iran’s Revolutionary Guards claimed to have targeted a US military air base linked to the attack, but did not specify its location.

The Kuwaiti military also reported intercepting “hostile missile and drone attacks” without detailing their origin. Tensions escalated during talks over Iran’s nuclear program, which the US and its allies suspect is aimed at weapon development, despite Iran’s claims of a civilian focus.

Yesterday (May 31), Trump took to Truth Social to speak on the situation, saying “Iran really wants to make a deal, and it will be a good one for the U.S.A. and those that are with us. But don’t the Dumocrats, and various seemingly unpatriotic Republicans, understand that it is MUCH tougher for me to properly do my job and negotiate, when political hacks keep negatively “chirping,” at levels never seen before, over and over again, that I should move faster, or move slower, or go to war, or not go to war, or whatever. Just sit back and relax, it will all work out well in the end – It always does! President DJT”

This post, coupled with today’s fresh attacks on Iran, has caused a market slump and, coupled with ETF flows, continues to be the dominant factor in crypto price action in 2026.

BREAKING: The US military has conducted strikes on Iranian targets in Goruk and Qeshm Island, Iran, in what it described as "self-defense strikes."

The US says the strikes were carried out in response to "aggressive Iranian actions," including the shootdown of a US MQ-1 drone…

— The Kobeissi Letter (@KobeissiLetter) June 1, 2026

Fear & Greed Index Sitting at 29/100 – Are Traders Becoming Hardened to Global Conflict?

The Crypto Fear & Greed Index is at 29/100 (Fear), with many analysts commenting on its resilience, not falling back below 25 into Extreme Fear. It could be summed up as investors becoming hardened to the ongoing global conflicts, the rising cost of living, and the resulting market volatility.

On the other hand, there could be a delay in the market sentiment catching up with the fast-moving conflict between the US and Iran, which, if it continues deeper into this week, could see the index drop back into Extreme Fear territory.

Historically, the best buying opportunities have come when the index is at these levels, although with so much uncertainty in the world right now, the market could remain volatile longer than traders can stay solvent.

(SOURCE: Fear & Greed Index)

Today’s Biggest Losers and Gainers as June Gets Underway

With Bitcoin losing key support at $73,000, the market has been spooked, sending many red candles across crypto, although a few select tokens are thriving even in the face of volatility.

The likes of Allora (ALLO), Railgun (RAIL), and Troll (TROLL) are all down anywhere from -12% to -25%, and feeling the full effect of the recent bearish price action, marking themselves as some of today’s biggest losers.

Portal (PORTAL) is the standout today, as the GameFi crypto token has mooned more than +150% in the past 24 hours, with Binance accounting for over $125M of its $430M daily trading volume. Solstice (SLX) and Lab (LAB) are a few other strong performers, up +110% and +40%, respectively.

If the Iran-US ceasefire talks continue to go poorly, expect many of these gains to be wiped out as Bitcoin could begin testing the $70,000 level, which, if lost, could cause mass liquidations throughout the market.

(SOURCE: CoinGecko)

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