Biden’s statement raises the stakes for a wider conflict in the Middle East. A report by the New York Times cited senior Israeli officials who said that the country was prepared to go to war with Iran. Polymarket traders see a 63% chance that Israel will attack Iranian oil this month.
A prolonged war in the Middle East would have a major impact across all asset classes, including cryptocurrencies.
Bitcoin (BTC) retreated below $60,000 for the first time since Sep. 16 after Joe Biden hinted that he would support Israel hitting Iranian oil facilities, per Barrons. Other altcoins, like Ethena (ENA), Conflux (CFX), and Beam (BEAM), tumbled by over 15%, making them the worst performers in the top 100.
Bitcoin and altcoins continued their downward trend while crude oil prices jumped as the odds of a wider crisis in the Middle East rose.
