Bitcoin Price Plummets After Iran’s Retaliatory Attack: What’s Next for BTC?

The bitcoin price has taken a sharp nosedive following reports of Iran launching retaliatory attacks against Israel. The price of bitcoin has plummeted to around $60,000 per bitcoin, down from over $70,000 earlier this week, causing a ripple effect across the wider crypto market.

The Iranian Revolutionary Guard’s claim of launching “dozens of drones and missiles” at Israeli territory has not only impacted the price of bitcoin but has also led to a $500 billion wipeout from the combined crypto market, affecting other major coins like ethereum, BNB, XRP, solana, and dogecoin.

The escalating tensions in the region, coupled with the recent conflict between Israel and Gaza’s Hamas militants, have raised concerns of a potential full-scale war. The situation has also caused a surge in the Brent crude oil price to around $90 per barrel and a record high in the price of gold, a traditional safe haven asset.

Investors and analysts are closely monitoring the situation, with some attributing the bitcoin price crash to the geopolitical tensions. Despite the recent drop, the overall trend for bitcoin has been positive, with a significant increase in demand through newly approved Wall Street spot bitcoin exchange-traded funds (ETFs) and an upcoming supply cut known as a halving.

While some see bitcoin as a digital alternative to gold, others like gold bug Peter Schiff have criticized it as “digital fool’s gold.” The recent price movements have sparked debates among investors and analysts about the future trajectory of bitcoin and its comparison to traditional assets like gold.

As the situation continues to unfold, market participants are advised to stay informed and cautious in their investment decisions. Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor for the latest updates and insights on the evolving crypto market landscape.