Bitcoin, the leading cryptocurrency, fell sharply to $60,000 yesterday in response to intense missile strikes by Iran on Israel.
Reports indicated that Iran launched over 400 missiles into Israeli territory, marking a significant escalation in ongoing regional tensions. This attack was reportedly in retaliation for Israel’s earlier actions against key militant leaders and recent assaults on Lebanon and Hezbollah.
As a result of these geopolitical tensions, Bitcoin’s value dropped by 3.1% on the day of the missile strikes and has decreased by 4.4% over the past week. The rise in global uncertainty has led investors to sell off riskier assets like Bitcoin.
Imperial Wealth, a crypto intelligence firm, noted that Bitcoin’s price fell from a recent peak of $66,500, highlighting the impact of escalating Middle East conflicts. Chief Research Officer Mitchell Nixon linked the current price drop to similar declines earlier this year, driven by regional instability. Despite the downturn, Bitcoin had its best September performance since before 2013. At the time of reporting, Bitcoin had slightly recovered to around $61,296.
