Crypto Market Plummets After Iran’s Attack on Israel: Bitcoin Dips 8%

Bitcoin dipped by about 8% following Iran’s unprecedented drone and missile attack on Israel. According to a recent Bloomberg report, Bitcoin’s decline marked the biggest retreat since March 2023.

Iran’s move came in retaliation for a deadly attack in Syria that killed top military officers of Iran. With the recent attack, the prolonged regional war has been taken into another dangerous phase. Reportedly, Iran launched 170 drones, 30+ cruise missiles, and 120+ ballistic missiles into Israel.

Consequently, Bitcoin fell below $62K, marking a steep decline of 7.7%. Not only Bitcoin, but other major cryptocurrencies also were impacted by the Iran-Israel war. While Ethereum experienced a fall of 7%, Binance Coin fell by 9%. Meanwhile, Solana marked a significant plummet of 12% in 24 hours and more than 22% in 7 days.

However, following an X post from an account connected to Iran’s Permanent Mission to the United Nations, that signaled the attack’s end, the cryptocurrencies started recovering. The message read,

The matter can be deemed concluded. However, should the Israeli regime make another mistake, Iran’s response will be considerably more severe. It is a conflict between Iran and the rogue Israeli regime, from which the U.S. MUST STAY AWAY!

The Bloomberg report hinted at further continuation of the crypto selloff. Zaheer Ebtikar, founder of the crypto fund Split Capital, stated that the crypto selloff is “probably contingent on further escalation. He added, “People will really look for what markets will look like on Monday.” The report also stated that Friday and Saturday saw the heaviest liquidations in 6 months, with $1.5 billion crypto liquidated.

At press time, Bitcoin has recovered from its severe fall to $64,003, marking a decline of 5.63% in one day, 7.28% in one week, and 11.75% in one month. The 24-hour trading volume of Bitcoin at $58,000,479,565 has marked a substantial increase of more than 21%.