Over the weekend, the cryptocurrency market experienced a significant downturn following reports of an Iranian drone and missile attack on Israel. Bitcoin, the leading digital currency, plummeted by approximately 8% as U.S. officials confirmed the ongoing attack. With digital assets being among the few assets traded over the weekend, the market responded swiftly to the escalating tensions in the Middle East.

Bitcoin, which had been trading around $70,000, saw a sharp decline to below $62,000, based on data from the Bitstamp exchange. However, by Sunday morning, it had begun to recover, climbing back above $64,000. Similarly, other cryptocurrencies like ether also experienced heavy selling pressure, with some dropping by as much as 10%.

The incident underscores the sensitivity of the cryptocurrency market to geopolitical events, highlighting its role as a barometer for global risk sentiment. As tensions in the Middle East continue to unfold, market participants remain vigilant for further developments and their potential impact on digital asset prices.

Meanwhile, many cryptocurrency users and enthusiasts in Nigeria took to social media to lament the fall and express concerns about its adverse effects on their portfolios. “Who could have predicted this today? 😱 Iran’s attack would have wiped out some people’s portfolios and left many feeling bad right now,” one user commented, reflecting the sentiments echoed by others affected by the market downturn.

#cryptocrash who could have predicted this today😱 Iran attack would have wiped out some people portfolio and blow some feel bad for some of them right now pic.twitter.com/GIl43WBMLh

— OBA OF AFRICA (@Supermak10) April 13, 2024

If Israel🇮🇱 attacks Iran🇮🇷 it won't be funny. Is this World War 3?
As for Nigeria and Africa, we will just be watching from afar of.

This could also be a reason for the #cryptocrash before the #Halving and #BullRun

— jarmen (@jarmen001) April 14, 2024