Bitcoin Falls Below $62,500 on News of Iran’s Imminent Missile Attack on Israel

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Bitcoin briefly dipped below $62,500 on Tuesday morning after reports of Iran’s imminent missile attack on Israel broke, CoinGecko data shows. At the time of reporting, BTC was trading at around $62,800, down 1.4% in the last 24 hours.

The situation is rapidly escalating in the Middle East. The US has detected preparations by Iran for a ballistic missile attack on Israel, a senior White House official revealed today. The official, who spoke on condition of anonymity, added that the US is helping Israel prepare to defend against this potential assault, which could cause serious repercussions for Iran.

The latest development comes amid escalating tensions between Israel and Iran-backed Hezbollah in Lebanon. Israeli forces have launched ground raids and airstrikes in southern Lebanon, targeting Hezbollah positions. In retaliation, Hezbollah fired rockets into Israel, causing mass evacuations.

The price of Bitcoin tends to fluctuate in response to geopolitical unrest. In early April, the price of Bitcoin fell below $60,000 after Israel launched a missile attack on Iran.

Other historical events, such as the US-China trade war and the Russia-Ukraine conflict, have also demonstrated Bitcoin’s volatility during geopolitical crises, with major price movements correlating with heightened tensions.

The broader crypto market is under pressure as Bitcoin retreats. Ethereum fell below $2,600, down 2% in the last 24 hours, while Binance Coin fell to $550. However, the market is still holding on to last week’s gains, suggesting that the recent decline could be a short-term pullback.

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