Iran drone attack ripples through crypto markets, Bitcoin plunges 8%
After Iran’s April 13 drone attack on Israel, the crypto market reacted; Bitcoin (BTC) dropped more than 8% from its value to trade at $61,514.
The latest correction marked the continuation of a trend that started on April 12 and worsened the next day.
Analysts estimate the crypto market liquidated more than $860 million in assets over two days; the price of Bitcoin initially fell from $71,000 to $65,000 and then dropped even more to the $61,000 level.
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Market watchers have suggested the first drop was due to news from the U.S. Federal Reserve, which signaled it was not in a hurry to reduce interest rates.
This stance is driven by sticky inflation levels, which are causing unease domestically and influencing expectations regarding policy adjustments globally.
The second drop was due to the growing tension between Iran and Israel, with crypto traders being the first to react to the news since traditional financial markets were closed for the weekend.
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