Bitcoin price plunges as macroeconomic climate worsens and industry giants collapse amid Middle East tensions

The cryptocurrency market faced a tumultuous weekend as bitcoin’s price took a hit following an unprecedented Iranian drone and missile attack on Israel. Bitcoin, which had been trading at around $70,000, plummeted to below $62,000 late on Saturday evening, marking the steepest sell-off in over a year.

The attack on Israel, the first direct assault from Iranian territory, led to a deluge of drones and missiles, with Israel claiming to have eliminated 99% of the threats. The escalation of tensions in the Middle East sparked a wave of selling in the cryptocurrency market, with other coins like ether also experiencing significant drops.

The Iranian currency hit a record low of 705,000 rials/USD on the unofficial market, reflecting the economic impact of the conflict. Meanwhile, the Tel Aviv Stock Exchange’s flagship index, the TA-35, was down 0.38% as of Sunday morning.

The market reaction to the attack highlights the interconnected nature of global events and their impact on financial markets. As tensions continue to escalate in the Middle East, investors will be closely monitoring the situation and its potential implications for the cryptocurrency market and beyond.