Bitcoin Price Drops USD 6,000, Impact of Israel-Iran Conflict?

Liputan6.com, Jakarta Bitcoin prices have plunged USD 6,000 to extend losses incurred over the past week as Iran launched drone attacks on Israel. Bitcoin (BTC) price has fallen by more than 7% and current market data shows that the leading digital asset by market capitalization is trading at around USD 62,649.63.

Launching Coingape, Sunday (14/4/2024), the prices of cryptocurrencies including Bitcoin and Ethereum (ETH) have fallen significantly after the Israeli military announced that Iran had attacked the country by launching dozens of drones.

Before this news hit the limelight, Bitcoin price was trading at USD 68,000 before falling to USD 62,000. This means a huge loss of around USD 6,000 in a few hours. Ethereum, on the other hand, saw its price drop by 10% and is now trading at USD 2,892.97.

Binance Coin (BNB), Solana (SOL), and other tokens experienced double-digit price drops in a few hours. Overall, the broader crypto market fell more than 8% with the combined crypto market capitalization hitting a low of USD 2.38 trillion. Given that traditional financial markets are closed on Saturday, it is uncertain how the attack on Israel will impact mainstream assets.

Bitcoin Price Drop

On the one hand, it is strongly believed that Bitcoin's price decline was driven by several factors other than the drone launch in Israel. There are option expirations in the market, bearish Bitcoin halving patterns, macroeconomic factors, and even technical chart weakness. While this explains Bitcoin's price slump, the impact has triggered a bearish streak that forced altcoin prices to plummet.

Due to the geopolitical chaos, the Israeli military said drones from Iran's Islamic Revolutionary Guard Corps (IRGC) would take time to reach Israel.