Israel also announced a state of emergency as it expects a quick retaliation by Iran.
The enhanced price volatility this week continues, as bitcoin has started to lose value rapidly once again, dropping to a multi-day low of well under $63,600.
The latest leg down was likely prompted by the rapidly escalating global tension, especially between the two old enemies – Iran and Israel.
The breaking story started to develop less than half an hour ago on Saturday morning when multiple news outlets reported that Israel had launched a “preemptive attack” against Iran. The former’s Defense Minister, Israel Katz, announced a state of emergency within the country because they expect retaliation from Iran by drones and other strikes.
Similar instances in the past have impacted bitcoin’s price, and this time is no different. Given the fact that the cryptocurrency space is the only financial market open during the weekend, the effects were immediate.
In the span of just minutes, bitcoin went from $66,000 to $63,600 before recovering some ground to $64,000. However, the asset is down by over four grand since yesterday when it was rejected at $68,000.
Before that, it peaked at $70,000 on Wednesday after it bounced from a multi-week low of $62,500 marked a day earlier. The altcoins have experienced similar volatility, with many dropping by 2% or more in the past hour alone.
Consequently, the liquidations are on the rise again, hitting $450 million on a 24-hour scale. $185 million from the total came in just the last hour.
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