A News-Analysis
The 12-day period between Israel and Iran was quite active for cryptocurrencies.
Cryptocurrencies, classified as risky investment instruments, generally tend to decline during periods of increased geopolitical risks. They started to decline with the attacks initiated by Israel on Iran.
On June 13, just before midnight, Bitcoin, which was trading at $107,000 before the start of Israel's airstrikes, fell to around $102,000 due to the attacks.
During the same period, the majority of other cryptocurrencies known as altcoins experienced declines exceeding 10%.
In the ongoing conflict, the overall negative outlook in the cryptocurrency market continued, and the increases were limited.
On June 22, the cryptocurrency market experienced the most significant drop during this period. Following the U.S.'s direct airstrike on Iran and hitting three nuclear facilities, Bitcoin fell below $100,000.
In many altcoins, the total loss exceeded 30%.
Before the conflict began, the total value of the cryptocurrency market was estimated at $3.4 trillion, which saw its lowest level of $3 trillion during this period.
After the U.S. attack, expectations for the end of the conflict led to a rising trend in cryptocurrencies. Before U.S. President Donald Trump's ceasefire announcement, Bitcoin rose above $102,000, while the increase in altcoins exceeded 10%.
With the announcement of the ceasefire, the rise in the market accelerated. Bitcoin surpassed $106,000, reaching levels seen before the 12-day conflict.
In altcoin projects, gains exceeded 20% over a two-day period, approaching pre-conflict levels in many cases.
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