Bitcoin tumbles after Israel launches strike on Iran, triggering $100M in long positions liquidated in 15 minutes.
Bitcoin plunged immediately after news of Israel’s preventative strike on Iran spread, rattling global markets and triggering a swift retreat from crypto assets.
The leading digital asset fell nearly 4% from about $65,500 to $63,000 amid the sudden flare-up in the Middle East conflict.
It was trading at around $63,600 at press time, down 6% in the last 24 hours.
Within minutes of the headlines breaking, roughly $100 million in long positions were liquidated across major exchanges, according to derivatives data.
Geopolitical instability has historically influenced Bitcoin’s price movements.
In April 2024, Bitcoin crashed following a missile strike by Israel on Iran.
Other past events, such as the US-China trade war or the Russia-Ukraine conflict, have shown increased market uncertainty during geopolitical crises.
Despite short-term volatility, the crypto market has often demonstrated a pattern of recovery after major sell-offs.
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