Cryptocurrency Market Plunges After Iran’s Attack on Israel: Bitcoin, Ethereum, and More See Significant Drops

The cryptocurrency market took a hit on Saturday as news of Iran’s drone attack on Israel sent shockwaves through the digital asset space. Major cryptocurrencies like Bitcoin, Ethereum, and Solana experienced significant drops of 7%, 9%, and 16% respectively, while Dogecoin and Shiba Inu faced even larger losses of up to 20%.

The market’s swift reaction to the geopolitical event underscores the volatility of digital assets and their susceptibility to external factors, especially during weekends when traditional financial markets are closed. At the time of writing, Bitcoin was trading at $63,522.30, Ethereum at $2,979.69, Solana at $137.31, Dogecoin at $0.1483, and Shiba Inu at $0.0000211.

Investors and stakeholders are closely monitoring the situation for further escalation and its potential impact on the crypto market. Zaheer Ebtikar, founder of crypto fund Split Capital, highlighted the overwhelming leverage in the market and its role in driving prices down in recent days.

As the situation unfolds, market participants are bracing for potential continued selloffs and are eagerly awaiting Monday to see how the markets will react. Stay tuned for more updates on this developing story.