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Cryptocurrencies plummeted on the 13th (local time) upon the news that Iran had launched an airstrike against Israel.
According to CoinMarketCap, a global cryptocurrency price relay site, as of 9:45 a.m. on April 14 (Korean time), the price per bitcoin was 64,245, down 3.86% from 24 hours ago.
Bitcoin once fell to $60,919.11 on the news of Iran's airstrike that day.
Bitcoin, which had fallen to the $66,000 range the previous day due to the possibility of an Iranian airstrike, immediately fell sharply as news broke that the airstrike had begun that day.
This is interpreted as the result of growing geopolitical instability as the war in the Middle East, which began with a conflict between Israel and the Palestinian armed faction Hamas, spreads.
While the New York stock market was not open on this day, the Dow Jones Industrial Average closed 1.24% lower the day before, when reports of an imminent retaliatory attack by Iran against Israel emerged.
The Standard & Poor's (S&P) 500 index and Nasdaq index also fell by 1.46% and 1.62%, respectively.
QCP Capital, a Singapore-based cryptocurrency trading company, diagnosed in a report, “Iran’s threat of retaliation against Israel last night (local time) acted as a trigger, sparking a sell-off in risky assets, including cryptocurrency.”
CryptoPotato, a cryptocurrency media outlet, reported, “The cryptocurrency market plunged on Friday evening (due to the possibility of a hawkish pivot from the U.S. Federal Reserve), and the violent scenario (of the Middle East war) was repeated once again on Saturday.”
“Bitcoin fell to about $61,000, the lowest in several weeks. Altcoins fell even further: Solana (SOL), Ripple (XRP), Bitcoin Cash (BNB), and Dogecoin (DOGE). "Almost all coins, including Shibainu (SHIB) and Avalanche (AVAX), recorded double-digit price declines, and Bitcoin's dominance is increasing as altcoins have plummeted by double digits again," he added.
