Bitcoin Drops As Iran Launches Missile Attack On Israel – What We Know So Far
14 Abril 2024 - 7:30AM
NEWSBTC
The price of Bitcoin took a nose dive on Saturday following reports
of Iran launching missile and drone attacks on Israel. Alongside
the market leader, many other prominent cryptocurrencies also
experienced a significant selloff as news of a brewing
international conflict in the Middle East circulated on the
internet. Related Reading: Bitcoin Halving: A Tale Of 2 Emotions –
Will FOMO Or FUD Rule The Market? Bitcoin Suffers Major Decline For
Second Consecutive Day According to multiple reports on April 13,
Iran commenced a drone attack against Israel in retaliation to an
attack on an Iranian diplomatic building in Syria on April 1 which
claimed the lives of nine Iranian officers, including a highly
ranked general in Iran’s Islamic Revolutionary Guards. This
incident marked Iran’s first-ever direct assault on the Jewish
state following years of rising political tensions between both
countries. With the Iranian forces confirming further missile
attacks on “specific targets” in Israel, it is likely that both
nations may be heading for a full-scale war. Following reports of
the drone attacks in the Middle East, Bitcoin’s price dropped by
8.07%, falling from $67,132.1 to $61,710.58, reflecting a high
selling pressure. Interestingly, this price action marked the
second consecutive day the maiden cryptocurrency suffered a
significant loss following a 5% decline on Friday amidst minor
turbulence in the US stock markets. Generally, Bitcoin has shown an
underwhelming performance in the past weeks, recording a 12.51%
loss in the last month based on data from CoinMarketCap. The
maiden cryptocurrency has struggled to replicate its bullish form
seen at the beginning of 2024 when it achieved a new all time high
price of $73,750.07. However, with the Halving event fast
approaching, BTC investors are likely optimistic about a
potentially massive price gain in the coming months based on
historical price data. Currently, Bitcoin trades at $63,943,
showing a 3.61% gain from its earlier slump on Saturday. In tandem,
the token’s daily trading volume is up by 22.46% and valued at
$57.37 billion. Bitcoin trading at $63,971 on the daily chart |
Source: BTCUSDT chart on Tradingview.com Related Reading: Waiting
For The Bitcoin Bull Run To Resume? Here’s The Indicator To Watch
For Altcoins Not Spared From Market Crash Alongside Bitcoin, the
price of altcoins also decreased significantly due to the escalated
geopolitical tension in the Middle East. Ethereum, the most popular
altcoin and second largest cryptocurrency, suffered a loss of
10.89%, falling as low as $2,880.16 Meanwhile, other prominent
tokens such as Solana (SOL), XRP, and Avalanche (AVAX) also
recorded price dips to the tune of 12.68%,18.11%, and 16.00%,
respectively. Generally, the total crypto market cap declined by
7.78%, falling to around $2.2 trillion. Featured image from
Shutterstock, chart from Tradingview
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