Cryptocurrency Falling: There has been a big decline in the world's largest cryptocurrency Bitcoin. There was uneasiness among investors after Iran's attack on Israel. Due to this, the price of Bitcoin fell by about 7.7 percent to $63,230 in Singapore on Sunday afternoon. This is the biggest fall in the rate of Bitcoin after March 2023. Apart from this, a decline has also been recorded in the prices of other cryptocurrencies like Ether, Solana and Dogecoin.
Iran attacked Israel on Saturday night
Many military officers of the Iranian Army were killed in the Israeli attack in Syria. After this, there was an atmosphere of tension between Israel and Iran. Ultimately, Iran attacked Israel with drones and missiles on Saturday night. Due to this, chances of another war in the Middle East seem to be rising. There is already a war going on in the Gaza Strip between Israel and Hamas in this area. These circumstances have had a negative impact on cryptocurrency. What effect it has on the stock market will be known only after the market opens on Monday.
Impact will be visible on the stock market tomorrow
Zaheer Abitkar, founder of crypto fund Split Capital, told the Economic Times that this selling of all cryptocurrencies including Bitcoin is due to the fear of war. If this conflict escalates further, prices are likely to go down considerably. Its impact can also be seen on the stock markets around the world which are going to open on Monday. Israel is busy preparing to respond to this attack. In such a situation, investors can turn to bonds and dollars. According to CoinGlass data, investors withdrew approximately $1.5 billion from crypto on Friday and Saturday. This had never happened in the last 6 months.
10 thousand dollars below March's record
Bitcoin had touched its record figure of $73,798 in March. Since then, this digital currency has fallen by approximately 10 thousand dollars. After the US approved the Spot Bitcoin ETF in January, its prices went up rapidly.
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