Bitcoin ( BTC ) price plummeted more than 8.4% on April 13 after Iran launched an attack on Israel, escalating the geopolitical conflict in the Middle East.
The price of the leading cryptocurrency dropped from around $67,000 to $61,625, wiping out more than $130 million in market Capital within minutes of the attack.
The sell-off also affected other cryptocurrencies. Ether ( ETH ) fell 9.81% to $2,927, while Solana (SOL) fell 15.96% to $129. According to CoinMarketCap data, the global cryptocurrency market Capital fell 8.19% to $2.23 trillion.
According to Bloomberg, Iran launched a drone toward Israel early Sunday morning. This move was retaliation for the attack carried out by Israel a few days earlier. Israel attacked a diplomatic facility in Damascus, Syria, killing 7 Iranians, including 2 generals.
In addition to the airstrikes, Iranian authorities reportedly confiscated a cargo ship owned by an Israeli billionaire.
US President JOE Biden warned on April 12 that Iran will launch attacks “sooner or later”, emphasizing that the United States will help defend Israel:
We dedicate ourselves to the defense of Israel. We will support Israel, we will help defend Israel, and Iran will not succeed.
The conflict between Iran and Israel significantly escalates tensions in the region, something the US has reportedly been trying to prevent since the Israel-Hamas conflict in October.
