Bitcoin fell by 2.6% during Friday's early trading session in Singapore time (June 13), while the second-largest cryptocurrency Ether saw a maximum decline of over 5%.
Caroline Mauron, co-founder of Orbit Markets, noted: 'Cryptocurrency reacted negatively to the news of Israel striking Iran, which is consistent with the performance of other major risk assets. We expect Bitcoin to find technical support around $100,100 (approximately SGD 129,300), but the short-term trend will be dominated by geopolitical news.'
The drop came after explosions were reported in Tehran. Israeli Defense Minister Israel Katz stated that Israel is conducting a 'preemptive strike against Iran' and announced a state of special emergency. He mentioned that Israel expects Iran to launch drone and missile retaliation.
