Crypto Market Reacts to Iran’s Drone Attack on Israel: Bitcoin Drops Over 8%
The crypto market took a hit following Iran’s drone attack on Israel, with Bitcoin dropping more than 8% to trade at $61,514. This marked a continuation of a trend that started on April 12, with analysts estimating over $860 million in assets liquidated over two days. The initial drop was attributed to news from the U.S. Federal Reserve, while the second drop was linked to growing tension between Iran and Israel.
Bitcoin is currently trading at $64,123, down 5% from 24 hours ago. Despite this, it is still more than double its value from a year ago. Ethereum also saw a dip to $2,850, with other cryptocurrencies experiencing a 20-30% decrease on average. Only a few tokens made gains in the last 24 hours, with the sector’s total market cap falling to $2.43 trillion.
Some analysts believe this drop is normal, citing previous market fluctuations. Into The Cryptoverse founder Benjamin Cowan highlighted similar drops in the past, while MicroStrategy’s Michael Saylor stated that chaos was beneficial for Bitcoin. As the market continues to react to global events, investors are closely monitoring the situation for potential opportunities.
