Cryptocurrency Prices Fall as Iran Launches Drones at Israel, Sparking Market Turmoil

Cryptocurrency prices took a hit on Saturday evening as Iran launched a wave of drones at Israel, sparking fears of a broader conflict in the Middle East. Bitcoin, ether, and XRP all saw significant drops in value, with Bitcoin down 5%, ether down more than 7%, and XRP tumbling 13.5%.

The impact of Iran’s military assault on Israel was felt across global markets, with U.S. benchmark oil prices surging to over $87 a barrel and U.S. Treasury bonds rallying sharply. The euro fell to a five-month low against the dollar, while gold prices soared to a record high above $2,400 an ounce before retreating late Friday.

The escalating tensions in the Middle East have been building since October, when Iranian-backed militants attacked Israel. With Iran now directly targeting Israel, there is a growing risk of the U.S. being drawn into the conflict as well. The White House has pledged to support Israel’s defense and has deployed more Navy ships to the region in anticipation of further attacks.

As investors brace for the potential impact of a broader Middle East war on global markets, all eyes will be on Sunday evening when futures trading opens in the U.S. for stocks, bonds, commodities, and currencies. Stay tuned for updates on how Wall Street reacts to the latest developments in the region.