Bitcoin's price has plunged amid rising tensions in the Middle East - what comes next?

The world’s largest cryptocurrency, bitcoin, has seen a major correction this week, seeing its price plunge dramatically – dipping from almost $66,000 recently to $62,000 on Tuesday afternoon.

Tensions in the Middle East were a major factor in bitcoin's price drop, with Iran’s missile attack on Israel shaking markets. As violence continues unabated in the Middle East, bitcoin is expected to see further downward pressure. As the attack escalated, other cryptocurrencies were also impacted. The world's second-largest cryptocurrency, ethereum, for example, also plummeted by 6.3%. It currently sits at a price of $2,456, according to CoinMarketCap.