Bitcoin ($BTC), the top cryptocurrency, has recently experienced a significant crash. As per the latest market data, Bitcoin’s price has slumped below the $100K mark amid the U.S. airstrikes on Iran. This substantial price plunge has raised concerns across the crypto community over the further movement in the near future.
U.S. Bombing on Iran Pushes Bitcoin Below $100K with 4% Dip
U.S. airstrikes on the key nuclear facilities of Iran have triggered a notable downturn in the crypto market. Particularly, Bitcoin ($BTC) recorded a 4% drop, reaching the low of nearly $99,300. This indicates the first time that the leading crypto asset has dropped below $100K.
The slump took place amid a wider geopolitical shock. In this respect, under Donald Trump’s leadership, the United States conducted heavy airstrikes aimed at 3 nuclear facilities based in Iran. While reflecting on this development Trump categorized it as a “historic moment,” while persuading Iran to stop the war.
Amid Escalating War Between Iran and Israel, Crypto Market Sees 7% Slump
The airstrikes were reportedly carried out in response to a report issued by the United Nations, suggesting that the banned military nuclear operations had been resumed by Iran. The situation rapidly worsened as Israel also initiated strikes, leading to a retaliatory operation from Iran.
While apprehensions of an all-out war are massively impacting the worldwide markets, crypto industry saw a huge blow. Along with that, Iran also threatened to block Strait of Hormuz which is a key route to carry 20% of the total oil supply of the world.
Keeping this in view, several crypto assets like Ethereum ($ETH) were also affected. The top altcoin dipped by approximately 10% before a partial recovery to $2,200. Cumulatively, the crypto market recorded a 7% slump over 24 hours, as billions in terms of value left the market.
