The cryptocurrency market has experienced a significant downturn, with prices falling below $70,000, influenced by recent geopolitical tensions. The ongoing conflict involving the U.S. and Israel's actions against Iran, now approaching a month, has heightened market anxiety. This has led to a notable decline in major U.S. stock indices, which in turn has impacted the crypto market. Amid these developments, implied volatility across various options maturities has risen, while skew has decreased, indicating increased market concern over potential crisis escalation. Bearish sentiment is evident, with put options accounting for nearly 70% of trading volume, reflecting widespread investor apprehension about further declines.