Bitcoin tumbles as Iran-Israel conflict escalates
Volatility revisits crypto town this weekend.
Bitcoin’s price experienced a sharp decline today, hitting a low of around $60,600 on Binance. The drop comes amid the escalating conflict between Iran and Israel.
On Saturday, news broke out that Iran had launched an attack against Israel with dozens of drones.
BREAKING: Iran launches attack against Israel using dozens of drones, four U.S. and Israeli officials told me
— Barak Ravid (@BarakRavid) April 13, 2024
According to CNBC, tensions have been on the rise since the Gaza war started in October. The recent spike follows Iran’s accusation that Israel was behind an attack on its consulate in Damascus earlier this month.
Shortly after the news of the attack surfaced, Bitcoin suddenly dropped to $65,000, triggering today’s price crash. The negative action continued when Bitcoin dropped to an even lower price. At the time of writing, Bitcoin is trading above $62,500, down around 6% in the last 24 hours, CoinGecko’s data shows.
As Bitcoin struggles, the broader altcoin market is also suffering, with Ethereum (ETH) down over 8% today, trading around $2,900, and Binance Coin (BNB) dropping by 10%.
Bitcoin saw a major decline yesterday, leading to sell-offs across the whole market. However, experts suggest that the correction movement was not new in the days leading up to the halving event.