The US-Israel missile attack on Iran on February 28 had an immediate impact on various sectors, including crypto. Bitcoin, the first and largest cryptocurrency, fell below $65,000 after a wave of massive sell-offs following the US-Israel attack on Iran and its retaliatory strikes.
CoinMarketCap notes that the coin is currently trading at $65,900, down nearly 2% in 24 hours.
On February 28, Bitcoin's value was exceptionally volatile. Bitcoin's price fell to $63,255 amid the US-Israeli attack on Iran. On the same day, Bitcoin's price rose to $68,000 amid reports that Ayatollah Ali Khamenei, Iran's supreme leader, had been killed in the attack.
Ryan McMillin, Chief Investment Officer at crypto-specialized investment management firm Merkle Tree Capital, explained Bitcoin's sudden surge in price on the same day the attack occurred.
“Bitcoin's initial sell-off was almost textbook; markets hate uncertainty more than bad news, and the moment the Iran conflict looked contained, the reflexive bid came back fast,” he told Decrypt.
The ongoing geopolitical conflict has triggered volatility in Bitcoin and various other altcoins. How can you deal with volatility? Learn more in the article Volatility Is: Definition, Cause, and Impacts on Cryptocurrency.
