Crypto Market Experience Significant Pullback Following Iran’s Attack on Israel

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Crypto Market Experience Significant Pullback Following Iran’s Attack on Israel
Credit: © Reuters.

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  • Crypto prices crashed on Saturday following reports of an impending attack on Israel by Iran.
  • The Israeli military said on Saturday that Iran launched dozens of drones toward the country.
  • Total crypto market capitalization dropped from around $2.45 trillion to below $2.20 trillion.

Crypto prices crashed on Saturday following reports of an impending attack on Israel by Iran. Bitcoin fell by 9.63% to $61,308 after reaching nearly $68,000 earlier in the day. Bitcoin’s drop dragged other cryptocurrencies lower, with Ethereum falling to $2,845, reflecting a 13.5% pullback in a couple of hours.

The Israeli military said on Saturday that Iran had launched dozens of drones toward the country in an impending attack. The actions by Iran have attracted reactions from across the world, especially the World powers from the West.

Following the development, U.S. President Joe Biden said the U.S. helped Israel shoot down incoming drones and missiles, and reaffirmed “America’s ironclad commitment” to Israel’s security. President Biden further noted that he would coordinate a response by Group of Seven nation leaders and remain vigilant to threats.

Saturday’s development triggered a massive crypto selloff, with the overall crypto market’s value dropping by 8%. The total crypto market capitalization dropped from around $2.45 trillion to below $2.20 trillion within a few hours, according to data from CoinmarketCap.

Although Bitcoin and Ethereum led the crypto market pullback, some other top altcoins experienced more significant declines. For instance, SOL, the native crypto of the Solana blockchain dropped by over 20%, while BNB, the Binance ecosystem token declined by over 13%.

The impact of the impending attack by Iran reflected on the never-closing crypto market. However, its effect on traditional assets remains unknown, considering those markets remain closed over the weekend.

Many users anticipate the traditional market to react similarly to the crypto market when trading resumes on Monday. However, the situation remains dynamic as geopolitical events in the Middle East continue to evolve.

The post Crypto Market Experience Significant Pullback Following Iran’s Attack on Israel appeared first on Coin Edition.

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