Bitcoin Plunges Below $62K As Iran Launches Missile Attack On Israel

Murtuza Merchant

October 01, 2024

Bitcoin (CRYPTO: BTC) fell sharply to a low of $61,100, down about 4% in the last 24 hours, as news broke of escalating tensions in the Middle East.

What Happened: The Israel Defense Forces (IDF) reported that more than 100 missiles have been fired into Israel from Iran, setting off sirens in key cities, including Tel Aviv and Jerusalem, according to Sky News.

This development has sent shockwaves through global markets, with cryptocurrencies taking a notable hit amid the rising geopolitical uncertainty.

The attack is being described as a significant escalation in the ongoing conflict.

Military correspondent Alistair Bunkall called it “far bigger” than previous missile strikes, signaling a potential shift in the region’s tensions.

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In response, Israel has targeted locations in Lebanon, which it claims are used by Hezbollah militants, a group that is part of Iran’s ‘axis of resistance.’

The current situation marks Iran’s retaliation for Israel’s actions, intensifying the regional conflict.

Ethereum (CRYPTO: ETH) also experienced a substantial decline, dropping by 6.3% and trading at $2,446 as the market reacted to the unfolding events, according to data from CoinGecko.

Investors are clearly spooked, seeking safe-haven assets amid the escalating geopolitical crisis, leading to a swift sell-off in risk assets like cryptocurrencies.

The turbulence in the crypto market has also hit major players in the Bitcoin mining sector.

According to Benzinga Pro, Marathon Digital (NASDAQ:MARA) suffered the most among Bitcoin miners, with its shares plunging nearly 9% to $14.84 before recovering slightly.

CleanSpark (NASDAQ:CLSK) fell by almost 6%, while both Core Scientific (NASDAQ:CORZ) and Riot Platforms (NASDAQ:RIOT) saw a decline of about 4%.

In addition, Coinbase (NASDAQ:COIN), the leading U.S. cryptocurrency exchange, experienced an 8% drop in its stock on Tuesday, reflecting the broader market’s nervousness.

What’s Next: Analysts will likely explore these dynamics further at Benzinga’s Future of Digital Assets conference on Nov. 19, where experts will discuss the impact of global events on digital asset markets and how investors can navigate the volatile landscape.

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