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The largest digital asset slid as much as 3% on Friday morning in Singapore to dip below USD 103,000 before paring losses, according to data compiled by Bloomberg. Second-ranked token Ether had at one point shed about 7.6% of its value.
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 USD 103,000 before paring losses, according to data compiled by Bloomberg. Second-ranked token Ether had at one point shed about 7.6% of its value.
The selloff came after explosions were heard in Tehran, according to local media. Israeli Defense Minister Israel Katz said 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.
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.
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Over USD 1 billion worth of long positions across all cryptocurrencies were liquidated in the past 24 hours, according to Coinglass data. Tony Sycamore, market analyst at IG, said in a note that “a further deterioration in risk sentiment” is likely ahead of the weekend. Bitcoin was trading at USD 103,540 as of 10:40 a.m. in Singapore on Friday.
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