Bitcoin Plunges Amid Middle East Conflict: Live Updates
The world of cryptocurrency was rocked over the weekend as Bitcoin, the largest digital currency, experienced its biggest drop in over a year. The sharp decline of 7.7% on Saturday was triggered by Iran’s attack on Israel, raising concerns of escalating conflict in the Middle East.
As tensions between Iran and Israel reached a boiling point, with Iran launching a barrage of drones and missiles at Israel in retaliation for a previous strike, the cryptocurrency market felt the impact. Bitcoin, along with other major coins like Ether, Solana, and Dogecoin, all recorded losses as investors reacted to the news.
Despite the initial plunge, Bitcoin managed to recover some of its losses and was trading at $64,319 as of Sunday morning. The cryptocurrency had reached a high of $73,805.27 in March, buoyed by regulatory approvals and strong demand for exchange-traded funds.
However, the recent sell-off has raised concerns among investors, with some experts warning that further escalation in the conflict could lead to more price deterioration in digital assets. Zaheer Ebtikar, founder of crypto fund Split Capital, highlighted the impact of leverage on prices and the need for caution in the current market environment.
As the situation in the Middle East continues to unfold, the cryptocurrency market remains on edge, with all eyes on the latest developments between Iran and Israel. Stay tuned for more updates on this evolving story.
