The Federal Reserve has warned that the escalating Middle East conflict could increase inflation rates, leading to a significant drop in leading cryptocurrencies such as Bitcoin, Ether, and Bitcoin. Over $450 million was liquidated from the cryptocurrency market over the past 24 hours, with $380 million in bullish long bets alone wiped out. The global cryptocurrency market capitalization fell to $2.53 trillion, a 1.44% drop over the last 24 hours. The Dow Jones Industrial Average dropped by 1.63%, the S&P 500 dropped 1.36%, the tech-focused Nasdaq Composite also dropped by over 1.46%. Leading cryptocurrency analyst and trader Michael van de Poppe suggested that $69,000-$70,000 was critical support for another drop towards higher levels of Bitcoin.