Bitcoin (BTC) Price Erases $6,000 As Israel – Iran Conflict Escalates
Highlights
- Bitcoin's price has continued on its bearish falling trend
- The coin lost over $6,000 in a few hours, extending its daily losses to 7%
- The recent price slump comes amid the escalation of the Israel - Iranian war
Bitcoin’s (BTC) price has dropped by more than 7% and current market data shows that the leading digital asset by market capitalization is trading at $62,649.63.
Bitcoin Price Extends Its Bearish Drawdown
Prices of cryptocurrencies including Bitcoin and Ethereum (ETH) have dropped significantly after it was announced by the Israeli military that Iran had attacked the country by launching “dozens” of drones.
Before the news came into the limelight, Bitcoin price was trading at $68,000 before plunging to $62,000. This implies a huge loss of about $6,000 within a few hours. Ethereum, on the other hand, saw a price dip of 10% and is now trading at $2,892.97.
Binance Coin (BNB), Solana (SOL), and other tokens have seen up to a double-digit drop in price within a few hours. Generally, the broader crypto market is down by more than 8% with a combined crypto market cap hitting a low of $2.38 trillion. Seeing that traditional financial markets are closed on Saturdays, it is not yet certain how the attack on Israel must have impacted the mainstream assets.
On one hand, it is strongly believed that the drop in Bitcoin price is driven by some factors apart from the drone launch in Israel. There the options expiry in the market, historical bearish Bitcoin halving patterns, macroeconomic factors, and even technical chart weakness.
While these explain the Bitcoin price slump, the contagion has stirred a bearish trigger that forced altcoin price slumps.
Israel-Iran War Escalates
For the geopolitical mayhem, the Israeli military says the drones from Iran’s Islamic Revolutionary Guard Corps (IRGC) will take some time to reach Israel.
It is worth noting that Israelis had previously launched an attack on the Iranian consulate in Syria, a move that killed seven IRGC members. Iran’s latest drone launch is a retaliatory attack on Israel.
Israel appears to be ready for a direct attack from Iran as Defence Minister Yoav Gallant said the country was “closely monitoring a planned attack” against it by Iran and its allies in the region. These distraught nations are beginning to utilize different approaches including the use of Artificial Intelligence (AI) to carry out their terrorism schemes against each other.
Next week will determine what the impact of the current escalation will have on Bitcoin price and other assets.
- XPL Token Soars 52% as Plasma Mainnet Launch Ignites Trading Frenzy
- ETH Treasury Firm SharpLink to Tokenize SBET Stock on Ethereum
- First Ethereum Staking ETF Begins Trading, Boosting ETH Demand
- Ethereum in a Bear Market, Peter Schiff Warns as ETH Slides Below $4K
- Trump Considers Jill Sommers and Kyle Hauptman for CFTC Chair Role
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
- Bitcoin Price: Analyst Predicts Crash to $104K Before Explosive Rally on Fed Cut Pattern
- HBAR Price Elliot Wave Signals an 86% Rebound as Key Risks Remain
- Will Pi Coin Price Recover Before Month-End After Payochain Listing?
- Chainlink Price Prediction as Whales Buy 800K LINK — Can the Demand Zone Launch a Recovery?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
