Reports of an alleged missile attack from Israel towards Iran momentarily shook the markets, causing Bitcoin's price to dip below the $60,000 mark. However, the turmoil subsided as it was revealed that Iran's defense systems had intercepted drones, providing relief to anxious investors.
Cryptocurrency markets surged on Friday, with a 47.5% spike in total crypto liquidations reaching $258.7 million and a more than double increase in total exchange inflows, as investors eagerly await the Bitcoin Halving set to occur in a few hours. What Happened: Geopolitical tensions continue to weigh on global markets, including stocks and crypto, following Israel's military strike on Iran in the early hours of Friday.
Bitcoin (BTC) has reverted to its safe-haven status amid escalating tensions in the Middle East. Although the world's largest cryptocurrency can exhibit qualities closer to equities and other risk assets, it has followed gold in rallying over the past couple of days as the market becomes increasingly spooked by Israel's missile attacks on Iranian military targets.
The Open Interest behind Ethereum has slid dramatically over the last ten days - A sign of weak bullish conviction.
Bitcoin and Ethereum prices drop below key levels as Israel's attack on Iran escalates Middle East tensions.
The world's largest cryptocurrency fell 2.64% to $60,726 in the last hour, while ether lost 3.6% to dip below the $3,000 resistance line.
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