Bitcoin prices slip over 3% as Israel-Iran conflict pushes investors away from riskier assets; Ether down 9%
Bitcoin prices fell 3% on Friday, in line with other cryptocurrencies after Israel launched airstrikes on Iran in a major escalation in the Middle East geopolitical tensions.
The largest digital asset, Bitcoin prices slipped as much as 3% to around $103,000 before paring losses, according to data on CoinMarketCap. The second largest cryptocurrency. Ethereum prices also plunged over 9%.
At 10:50 AM, Bitcoin price was trading 3.24% lower at $104,382.41, Ether prices traded 9.07% lower at $2,515.94, XRP was down 5.77% at $2.12, while Solana prices cracked 9.96% to $143.99.
The selloff in Bitcoin prices and other cryptocurrencies came as investors moved to safe-haven assets after Israel launched airstrikes on Iran, targeting key nuclear and military sites.
Risky assets witnessed heavy selloff on Friday, while safe-haven assets such as gold prices rallied amid growing geopolitical tensions and trade uncertainties. Crude oil prices also jumped more than 9%.
'The latest geopolitical escalation has injected fresh volatility into global markets, and crypto is no exception. Bitcoin has slipped below $104,000, reacting swiftly to the news of Israel's preemptive airstrikes on Iran. Ethereum and Solana also faced pressure, with SOL falling despite major DeFi development efforts. This kind of sharp, sentiment-driven correction underscores just how interconnected crypto has become with broader macro events,' said Avinash Shekhar, Co-Founder & CEO, Pi42.
As capital moves cautiously, we're seeing a temporary pause in the recent bullish momentum. But it's important to note that underlying fundamentals remain strong, he added.
Shekhar believes what we are witnessing is not a breakdown, but a reset and historically, such moments have often paved the way for more resilient growth ahead.
Over $1 billion dollars' worth of long positions across all cryptocurrencies were liquidated in the past 24-hours, Bloomberg reported, quoting Coinglass data.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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