- Cryptocurrency prices plummet amid Iran’s drone attack on Israel.
- Iranian forces seize Israeli tycoon’s cargo ship, conduct airstrikes.
- President Biden warns Iran, pledges support for Israel’s security.
Today, the prices of Bitcoin
Further reports have emerged that Iranian authorities have taken control of a cargo ship owned by an Israeli tycoon, in addition to carrying out airstrikes. On April 12, U.S. President Joe Biden issued a stern warning to Iran, stating that a U.S. response could occur “sooner rather than later,” and reaffirmed America’s commitment to supporting Israel’s security.
The escalation of hostilities in the region, which the U.S. has been trying to de-escalate since the conflict between Israel and Hamas in October, has been attributed to the ongoing tensions between Iran and Israel.
Market Turmoil
On April 13, the day Iran launched its attack on Israel, Bitcoin’s value dropped sharply by over 8.2%, exacerbating the geopolitical tensions in the Middle East. In the attack’s immediate aftermath, Bitcoin’s price tumbled from over $67,000 to $61,624, wiping out more than $130 million in market capitalization.
According to Bloomberg, Iran deployed drones toward Israel on Saturday in retaliation for an Israeli airstrike that occurred a few days earlier. The Israeli strike on a diplomatic facility in Damascus, Syria, resulted in the deaths of seven Iranians, including two generals.
Other digital currencies are also experiencing a downturn, including Bitcoin. At the time of this report, Solana has decreased by 15.56% to $128, and Ether has dropped by 9.71% to $2,928. The overall cryptocurrency market has lost 9.51% in value today, as per the data aggregated by CoinMarketCap.
Cryptocurrencies typically do not react directly to geopolitical incidents, but with traditional markets closed on Saturday, it remains uncertain how investors in other asset classes might respond to these events.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
