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Bouncing Back? Deepening geopolitical tension between Iran and Israel turning violent in the Middle East is leading to volatility for investors across the board, including in crypto markets. How did markets respond to the latest event, and is war the only thing on traders’ minds?
The strike hit news wires at approximately 9 PM EST, and markets began exhibiting extreme volatility thereafter. Bitcoin tumbled on the increasing prospects of a broader conflict for a second time, falling over 6% and briefly wicking below key $60k support.
Many have held BTC in high regard as a store of value and flight to safety, but last night’s price action caused the coin to decouple from precious metals and correlate heavily with broader risk assets, like the S&P 500, challenging these perceptions.
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