The impact of the Israel-Iran conflict on the cryptocurrency market presents a complex situation:

1. **Safe-Haven Demand**: Some funds may flow into Bitcoin (characterized as 'digital gold'), temporarily driving up prices, but sustainability is in doubt.

2. **Risk Linkage**: If the conflict escalates and triggers a global sell-off of risk assets, the cryptocurrency market will be hit by tightening liquidity, with altcoins facing significant pressure.

3. **Middle Eastern Capital Flows**: Middle Eastern investors may transfer assets through cryptocurrencies, increasing local market volatility.

4. **Energy Disruptions**: Iran's Bitcoin mining operations account for 7% of global hash rate; if targeted, it may temporarily affect network hash power.

**Key Contradiction**: The coexistence of traditional safe-haven properties and high-risk asset characteristics will lead to a significant rise in volatility (VIX-like indicators).