Crypto Market Crash Following Israel's Attack on Iran

The broader crypto market crashed with the Bitcoin (BTC) price dropping 2% taking a dip to the support levels of $65,500 again.

Israel’s military carried out “precise strikes” on several Iranian military sites on Saturday morning, escalating tensions in the Middle East. According to media reports, several strong explosions were heard in Tehran, the capital of Iran.

This development triggered a crypto market crash, pulling down Bitcoin and altcoins. However, market analysts suggest that this crash could be short-lived.

During Israel’s first strike on Iran in April, the BTC price dropped more than 4% in a day, but it recovered quickly within four hours.

In the altcoin space, the impact is more pronounced, with Ethereum (ETH) price falling another 3% to reach $2450 levels, extending its weekly losses to over 7.68%. Meanwhile, SOL price is down 6.3% at press time, slipping below $165. Despite being an outperformer against BTC and other altcoins, Solana has clocked 11% gains in the last month.

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