Middle East Tensions Hit Cryptocurrencies: Bitcoin Plummets, Altcoins Crushed!
As Israel launches extensive attacks on targets related to Iran's nuclear program, the cryptocurrency market, led by Bitcoin (BTC) and Ethereum (ETH), has experienced a sharp decline.
The tensions in the Middle East escalated to a new level with Israel's comprehensive bombardment of nuclear facilities and ballistic missile centers in Iran's capital, Tehran. Israeli Prime Minister Benjamin Netanyahu emphasized that the attacks would continue until Iran's ballistic missile and nuclear threats are eliminated. The recent announcement by the International Atomic Energy Agency (IAEA) that Iran has violated its commitments regarding enriched uranium for the first time in 20 years influenced the timing of the attacks.
Sharp Decline in Bitcoin, Ethereum, and Altcoins
With the Iran-Israel tensions increasing global risk perception, significant sell-offs were observed in the cryptocurrency market. Bitcoin (BTC) dropped over 4% in the last 24 hours, falling to the level of 103 thousand dollars. Ethereum (ETH) also declined by more than 10%, dipping to 2,468 dollars.
In major altcoins, the sell-offs were even more severe. In most altcoins, price losses exceeded 10%, causing serious losses for investors. The positioning of investors in short-term options for downside protection against geopolitical tensions clearly reflected the market's concerns.
Geopolitical Risk and Crypto
The sudden rise in oil prices in global markets and the geopolitical uncertainty prompting investors to avoid risk have increased the selling pressure on cryptocurrencies. Analysts indicate that if tensions in the Middle East continue, volatility in the markets may persist. It is stated that cryptocurrency investors should exercise caution in the short term.
