- Israel versus Iran faceoff takes a fresh turn after Iran launched dozens of drones in an act of retaliation
- The possible situation of a war breakout has resulted in the entire crypto-market taking a huge plunge
In the wee hours of the local time, Iran formally initiated hostilities against Israel, causing the Middle East to descend into disorder. The ensuing turmoil has prompted heightened alertness among countries worldwide, as the escalating crisis may bring about substantial repercussions. Additionally, there have been noteworthy ramifications for the crypto-market in the wake of a potential war.
The background that caused the Bitcoin crash
After the Israeli military, IDF, targeted and fatalely struck Iran’s consulate in Damascus, Syria’s capital, the already strained relationship between the two nations deteriorated further. This incident claimed the lives of a prominent Iranian general, Brig. Gen. Mohammad Reza Zahedi, and five additional IRGC members.
The Iranian government retaliated by threatening consequences for the assault. They additionally cautioned the US against interfering in their conflict with Israel, implying potential reprisals.
According to reports, Iran has initiated an assault against Israel using a large number of drones. These drones are currently en route and are expected to reach Israel within hours. The specific target of this attack, however, remains undetermined. Recent sightings of drone activity have been recorded over Iraq. Initially, it was believed that approximately 50 drones were involved, but more recent estimates suggest that the number could be closer to 500.
Additionally, the assault took us by shock since it was unprepared for, with the Iranian government being the unexpected source. This marks a new milestone in their historical actions.
Bitcoin and crypto-markets recovery in line?
Bitcoin and other cryptocurrencies experienced a significant drop in value following the initial reports of an Iranian attack. The price of Bitcoin dipped to a low of $61,308 before bouncing back slightly, trading just above this figure according to TradingView. As reported by CoinMarketCap at the current moment, Bitcoin was being traded at $62,388 with a loss of over 7% in the previous day.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Significantly, the broader crypto market took a nose dive more than the coin did, as numerous cryptocurrencies plummeted by more than 15% within the last 24 hours. Specifically, Polygon (MATIC), Shiba Inu (SHIB), Avalanche (AVAX), and Dogecoin (DOGE) among the top 20 experienced the steepest declines. The coin itself suffered losses exceeding 18% during this timeframe.
Currently, the market is showing signs of stability without significant price fluctuations over the past hour. Yet, the prospect of a price rebound remains doubtful given the ongoing tension between the two countries.
Additionally, the intense desire for cryptocurrencies has lessened recently, reaching its lowest point in over a month. At the same time, Bitcoin options volatility significantly increased today, based on CMC data. The volatility indicator jumped from approximately 69 to almost 78.9.
Despite a recent decrease in price, many cryptocurrency enthusiasts believe that a recovery is imminent and could lead to even greater profits. According to Tony Gallippi, the co-founder of BitPay, he made this statement on X.
When the fear of World War III subsides (which it ultimately won’t), an enormous amount of money will shift towards Bitcoin and cryptocurrencies.
— Tony Gallippi (@TonyGallippi) April 13, 2024
Crypto experts and leaders shared their confidence in a positive resolution to recent events. This optimism stems from the upcoming Bitcoin halving, which is set to occur in the near future. Historically, Bitcoin and the larger crypto market have experienced significant price surges following past halvings.
Some of you weren’t hear for the COVID crash and it shows.
Crypto bull market is inevitable provided Boden doesn’t execute a 6102.
R-E-L-A-X
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) April 13, 2024
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2024-04-14 01:59