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 ("digital gold" attribute), temporarily pushing prices up, but sustainability is questionable.

2. **Risk Linkage**: If the conflict escalates and triggers a global sell-off of risk assets, the cryptocurrency market will be affected by tightened liquidity, with altcoins particularly under pressure.

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

4. **Energy Disruption**: Iranian Bitcoin mining accounts for 7% of global hash power; if targeted, it could briefly impact network hash power.

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