Worldwide crypto industry has witnessed significant backlash following the escalating war between Israel and Iran. As per the latest market data, Israel has recently targeted Iran with massive airstrikes, resulting in a notable decline in the wider crypto market. This development has raised the fears of an expansion in the regional war that could drive investors toward conventional assets.
Israeli Airstrikes Targeting Iran Push Crypto Market Down as Bitcoin Plunges by 4.7%
The exclusive market insights disclose that several explosions were heard in Iran’s capital Tehran. In this respect, Israel has reportedly conducted an air assault aimed at the military and nuclear facilities in Iran.
This move indicates the possibility of a huge escalation in the growing tensions between these two jurisdictions. Getting a significant impact from this development, the top crypto asset Bitcoin ($BTC) saw a sheer dip of 4.7%. This has pushed $BTC’s price below $104,000 as it is now trading at $103,802.
Ethereum Drops by 10%, Indicating Lowest Level in Months
In addition to Bitcoin ($BTC), the flagship altcoin Ethereum ($ETH) also recorded a noteworthy slump. It reportedly suffered a relatively bigger drop of 10%. Due to this, Ethereum’s latest price accounts for $2,497. This spot underscores the lowest price level over several months.
Keeping this geopolitical turmoil in view, the impact has surpassed the crypto market to even reach crude oil. As a result of this, the prices of the crude oil jumped dramatically.
Crude Oil Prices Surge Dramatically
Particularly, the U.S. benchmark going by West Texas Intermediate surged by 7.23% to reach nearly $72.98 for each barrel. Additionally, Brent crude spiked by 7% to touch $74.23 for each barrel. The respective increase highlights apprehensions that, if prolonged, the conflict could unsettle oil production as well as shipping lanes within the Middle East.
