Has Bitcoin (BTC) & other cryptos stabilized despite heightening tensions between Israel and Iran?

Israel versus Iran faceoff takes a fresh turn after Iran launched dozens of drones in an act of retaliation
The possible situation of a war breakout has resulted in the entire crypto-market taking a huge plunge

The Middle East plunged into a chaotic environment after Iran officially launched an attack against Israel in the late hours of the local time. This has resulted in countries around the world keeping their guard up as the worsening situation could result in significant disruptions. And, the effect of a possible war has had a huge spillover in the crypto-market.

The background that caused the Bitcoin crash

The tension between both countries worsened after Israel’s IDF attacked Iran’s consulate in Syria’s capital – Damascus. The attack resulted in the death of a top Iranian general – Brig. Gen. Mohammad Reza Zahedi and five other members of the Islamic Revolutionary Guard Corps (IRGC).

In response, the Iranian regime proclaimed that there would be a “punishment” for the attack. The regime also warned the United States of an attack if it gets involved in its fight with Israel.

In line with this, the Iranian government launched its attack against Israel. The country has deployed dozens of drones that are set to reach Israel within hours. However, so far, the actual target of the attack remains unclear. Drone activity has been spotted over Iraq, and while it was initially reported that there were about 50 drones, it is now speculated that over 500 drones were spotted.

Moreover, the attack came as a surprise as no one expected the Iranian regime to launch an attack directly from its soil. This is a move made for the first time in its history.

Bitcoin and crypto-markets recovery in line?

Bitcoin and the rest of the crypto market took the plunge immediately after reports of Iran’s attack first emerged. Bitcoin (BTC)’s price plunged to a low of $61,308 but quickly rebounded to trade just above this level, as per TradingView. Accordi

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Author: Priya NV

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