Bitcoin nosedives as political tensions escalate in the Middle East
Bitcoin price plummeted over 8.4% on April 13 after Iran launched an attack on Israel, escalating geopolitical conflicts in the Middle East.
The price of Bitcoin BTC tickers down
$64,498 dropped from around $67,000 to $61,625, wiping out over $130 million in market capitalization within minutes following news of the attack.
The sell-off is also affecting other cryptocurrencies. At the time of writing, Ether
ETH tickers down $3,045 was down 9.81% to $2,927, while Solana’s SOL tickers down $141 sank 15.96% to $129. According to CoinMarketCap data, the global crypto market capitalization declined 8.19% to $2.23 trillion.
According to Bloomberg, Iran launched drones toward Israel on Saturday, April 13. The action is retaliation for an attack conducted by Israel days before, which targeted a diplomatic compound in Damascus, Syria, killing seven Iranians, including two generals.
Aside from the airstrikes, Iranian authorities have reportedly seized a cargo ship owned by a billionaire Israeli.
On April 12, United States President Joe Biden warned that Iran would launch attacks “sooner than later,” highlighting that the U.S. would help defend Israel:
“We are devoted to the defense of Israel. We will support Israel, we will help defend Israel, and Iran will not succeed.”
The conflict between Iran and Israel significantly escalates tensions in the region, something the U.S. has been reportedly trying to prevent since the Oct. 7, 2023, terrorist attacks carried out by Hamas, which has led to broader ongoing conflict between Israel and Hamas.
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