#IsraelIranConflict
Bitcoin Falls 4% After Israel's Attack On Iran, Ethereum Drops 9.6%
Bitcoin, the world’s biggest cryptocurrency, declined by over 4% to $104,000 in the morning trade on Friday, even as cryptocurrency markets witnessed a steep decline late last night following reports of Israeli airstrikes on Iran, escalating tensions in the Middle East and triggering a broad risk-off sentiment. Ethereum also plummeted by 9.6%.
Other cryptos Solana, XRP, and BNB also fell by 9.62%, 5.42%, and 2.65%, respectively.
Recently, Bitcoin broke its all-time record to cross $111,000.
According to CoinSwitch Markets Desk, “Cryptocurrency markets witnessed a steep decline late last night following reports of Israeli airstrikes on Iran, escalating tensions in the Middle East and triggering a broad risk-off sentiment. BTC fell 4% to around $104,000, while ETH dropped 9.6% to $2,493. The total crypto market cap slid over 5%, currently standing at $3.35 trillion."
The geopolitical uncertainty also sent crude oil prices surging by over 5%, raising fresh concerns about inflation. Elevated oil prices may compel the US Federal Reserve to adopt a more cautious stance on rate cuts, further dampening investor appetite for risk assets, including crypto, it added.
