Topline

The value of bitcoin experienced a 7% decline on Saturday within a span of less than an hour, coinciding with a notable drop in prices of other cryptocurrencies following an attack initiated by Iran against Israel.

Key Facts

By 4:40 p.m. on Saturday, the price of bitcoin had decreased by 7% to \(62,570, after briefly touching a daily low of \)60,908 just minutes earlier.

Similarly, the value of ethereum saw a decline of over 9% to $2,923, with Binance coin and solana also experiencing drops of 9% and close to 18%, respectively.

Furthermore, prices of several lesser-known cryptocurrencies plummeted by a minimum of 15%, with avalanche dropping by 20%, XRP by 20%, and the meme token dogecoin by 18%.

Big Number

$73,750 stands as the record high price of bitcoin reached on March 24.

Key Background

Recent days have witnessed concerns regarding escalating geopolitical tensions in the Middle East impacting U.S. markets. On Friday, the Dow Jones Industrial Average fell by 475 points following statements from the White House regarding potential preparations for an Iranian attack alongside Israel. Jamie Dimon, the CEO of JPMorgan Chase, highlighted geopolitical unrest as a significant worry for investors, emphasizing its potential implications on the global economy, particularly in relation to escalating oil and gas prices, as reported by CNN.

Further Reading

Iran Launches Drone Attack On Israel