- War fears triggered a crypto selloff last week.
- The US launched an attack on Iran, bombing three nuclear enrichment sites.
- Bitcoin declined 7.5% amid growing fears over the Israel-Iran war escalation.
The cryptocurrency market experienced a massive selloff last week amid growing fears of war escalation. Bitcoin and other top cryptos’ prices pulled back following rumors that the US may get involved and attack Iran over claims of the Asian country’s illegal nuclear enrichment.
The rumors became reality early Sunday morning when the US launched an attack on Iran, bombing three of the country’s major nuclear sites. According to reports, President Trump said the strikes “totally obliterated” Iran’s nuclear enrichment facility. He further advised Iran to “make peace” or face “greater attacks” in the future.
Related: Israel-Iran Driven Crypto Crash; Traders Watch if ETH Holds $2,400 and ADA Holds $0.58
Iran’s foreign minister, Abbas Araghchi, has responded to the attack by the US, describing it as outrageous and warning that it would have everlasting consequences. Meanwhile, the UN’s nuclear watchdog has said that it did not observe any increase in the radiation levels of Iran’s nuclear program.
Bitcoin has lost about 7.5% since last Monday, dropping from $108,990 to $100,945 as of last Saturday. The pioneer cryptocurrency led the pullback that affected the top cryptocurrency echelon, with high-cap cryptocurrencies like ETH, XRP, ADA, and SOL experiencing massive declines.
Ethereum dropped 17.12% from last Monday’s high after pulling back from $2,681 to $2,217 as of Saturday evening. Solana and ADA lost 17.5% each over the same period, while XRP’s price declined by 15.08%.
Related: Israel-Iran Cyber War Erupts as Hackers Hit Top Iranian Crypto Exchange Nobitex
The universal drop across top cryptocurrency prices casts doubts on Bitcoin and cryptocurrency’s haven status. Many investors considered the technology a safety net during periods of uncertainty, like war and economic instability. However, the latest price drop concerns crypto users and investors about the future.
Meanwhile, it is worth noting that Bitcoin remained above support despite the recent selling pressure. The flagship crypto reversed its fortunes around the $100,100 level, trading for $102,547 at the time of writing. It triggered hopes of a resurgence as users observed developments in the ongoing war between Israel and Iran.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
