The Iran and Israel conflict made the Asian stock markets dip on Monday along with the cryptocurrency market and Bitcoin. India’s Sensex, Hong Kong’s Hang Seng, and Japan’s Nikkei crashed on the opening bell making stocks fall lower in the charts. The escalating tensions are making investors worried about a further crash and institutional investors pulled out of their holdings.
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The cryptocurrency market also remained at the receiving end as Bitcoin flash crashed by $4,500 minutes after Iran launched drone and missile attacks on Israel. The Iron Dome managed to thwart all incoming missiles from Iran but the situation remains grim with threats of war.
Bitcoin was trading around the $67,200 mark on Sunday before Iran launched the drone missiles on Israel. After the attacks, Bitcoin crashed to the $62,700 level shedding a value of $4,500 in a jiffy on late Sunday. This led the overall cryptocurrency market to panic and leading altcoins shed their value reaching new weekly lows.
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Will The Cryptocurrency Market & Bitcoin Dip Further Due To the Iran & Israel Conflict?
Bitcoin briefly regained its lost value and is up by nearly 3% early Monday morning. However, a price dip remains on the cards as the tensions between Iran and Israel are growing. The US has lent its support to Israel making the situation more tense across the Middle Eastern region.
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The Iran-Israel conflict might not settle down this week making the stock and cryptocurrency market, including Bitcoin remain at risk. The turbulence could make Bitcoin shed its value as institutional investors are already indulging in sell-offs. Another leg-down from here could make BTC prices fall to the $61,000 price level.
Read here for a realistic price prediction about how high or low Bitcoin could trade in the charts this month. The growing conflict between Iran and Israel is making Bitcoin remain on a slippery slope.