Bitcoin Falls 4% After Israel's Attack On Iran, Ethereum Drops 9.6%
Cryptocurrencies witness a steep decline following reports of Israeli airstrikes on Iran, escalating tensions in the Middle East and triggering a broad risk-off sentiment.
Bitcoin, the world's biggest cryptocurrency, declined by over 4% to $104,000 in the morning trade on Friday, even as cryptocurrency markets witnessed a steep decline late last night following reports of Israeli airstrikes on Iran, escalating tensions in the Middle East and triggering a broad risk-off sentiment. Ethereum also plummeted by 9.6%.
Other cryptos Solana, XRP, and BNB also fell by 9.62%, 5.42%, and 2.65%, respectively.
Recently, Bitcoin broke its all-time record to cross $111,000.
According to CoinSwitch Markets Desk, 'Cryptocurrency markets witnessed a steep decline late last night following reports of Israeli airstrikes on Iran, escalating tensions in the Middle East and triggering a broad risk-off sentiment. BTC fell 4% to around $104,000, while ETH dropped 9.6% to $2,493. The total crypto market cap slid over 5%, currently standing at $3.35 trillion."
The geopolitical uncertainty also sent crude oil prices surging by over 5%, raising fresh concerns about inflation. Elevated oil prices may compel the US Federal Reserve to adopt a more cautious stance on rate cuts, further dampening investor appetite for risk assets, including crypto, it added.
Apart from cryptocurrencies, equity and currency markets also witnessed a decline on Friday.
Recently, President Donald Trump's media company announced a plan to raise $2.5 billion to buy bitcoin, joining a growing number of so-called 'bitcoin treasury companies" as the world's most popular cryptocurrency hits all-time highs.
The companies buy bitcoin for different reasons: Some hold it as a hedge against inflation or to signal support for the cryptocurrency industry, while some firms have made using debt and stock sales to buy bitcoin their primary business strategy.
The price of Bitcoin has been highly volatile since it started because of several factors. Firstly, the cryptocurrency market is still relatively small and less liquid compared to traditional financial markets, which means that large trades can significantly impact price movements. Secondly, Bitcoin's value depends on public sentiment and speculation, leading to short-term price changes. Media coverage, influential opinions, and regulatory developments create uncertainty, affecting demand and supply dynamics and contributing to price fluctuations, according to binance.com.
Another key factor is Bitcoin's fixed supply. With only 21 million bitcoins ever to be minted, its scarcity can lead to dramatic price changes as demand varies. This is exacerbated by 'whales" or large holders of Bitcoin, whose sizable transactions can sway the market considerably, it added.
First Published:
June 13, 2025, 09:41 IST
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