Bitcoin sinks as Israel escalates Iran standoff with airstrikes
The crypto market reacted to Israel's strikes on Iran with losses, as technical support expected near US$101,000. (EPA Images pic)
SINGAPORE : Bitcoin and other cryptocurrencies sank after Israel launched airstrikes on Iran in a major escalation.
The largest digital asset slid as much as 3% on Friday morning in Singapore to dip below US$103,000, while smaller cryptocurrencies nursed steeper losses, according to data compiled by Bloomberg. Second-ranked token Ether at one point shed about 6.9% of its value.
The losses came after explosions were heard in Tehran, according to local media. Israeli defence minister Israel Katz said that he's declaring a special state of emergency due to Israel's 'preemptive strike against Iran.' Israel is anticipating a retaliatory drone and missile attack, Katz said.
'Crypto is reacting negatively to news of Israel strikes in Iran, in line with major risk assets,' said Caroline Mauron, co-founder of Orbit Markets, a provider of liquidity for crypto derivatives. 'We expect to see technical support around US$101,000, but geopolitical news will drive price action from here in the short-term.'
Stocks fell along with equity-index futures while investors rushed to the safety of havens such as Treasuries in the immediate aftermath of the strikes. Crude oil jumped more than 9% while gold also rose.
'While we await further news and a potential response from Iran, we are likely to see a further deterioration in risk sentiment as traders cut risk seeking positions ahead of the weekend,' Tony Sycamore, market analyst at IG, said in a note.
Bitcoin was trading at US$103,130 as of 9:40am in Singapore on Friday.
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