In recent days, the cryptocurrency market has experienced a significant downturn due to geopolitical events related to US airstrikes on Iran.
US Airstrikes and Their Impact on Bitcoin
The US military has conducted airstrikes on key nuclear facilities in Iran, leading to a sharp decline in the price of Bitcoin. The asset dropped by 4% to around $99,300, marking its first drop below the $100K threshold.
Escalating Conflict in the Region and its Effects on the Crypto Market
The strikes were part of an operation led by Donald Trump's administration in response to a UN report indicating that Iran had resumed banned nuclear operations. The situation was further complicated as Israel became involved, leading to Iran threatening to block the Strait of Hormuz, a vital trade route for global oil supply.
Overall Consequences for Cryptocurrencies
In light of these events, several crypto assets, including Ethereum, have also felt the pressure. Ethereum dropped approximately 10% before partially recovering to $2,200. Overall, the cryptocurrency market recorded a 7% slump over the past 24 hours, indicating deep concerns among investors.
The situation surrounding the airstrikes and regional tensions continues to impact financial markets. Investors remain worried about the potential fallout of the conflict on cryptocurrencies and other assets.
