Bitcoin nose dive as political tensions escalate in the Middle East

Bitcoin and other cryptocurrencies fall sharply following Iran’s attack on Israel.

Bitcoin (BTC) price plummeted over 8.4% on April 13 after Iran launched an attack on Israel, escalating the geopolitical conflict in the Middle East. 

The cryptocurrency price dropped from around $67,000 to $61,625, wiping out over $130 million in market capitalization within minutes following the attack.

According to Bloomberg, Iran launched drones toward Israel on Saturday. The move is a retaliation for an attack conducted by Israel days before. Israel attacked a diplomatic compound in Damascus, Syria, killing seven Iranians, including two generals.

The sell-off is also affecting other cryptocurrencies. At the time of writing, Ether (ETH) was down 9.81% to $2,927, while Solana (SOL) sank 15.96% to $129.

This is a developing story, and further information will be added as it becomes available.