Bitcoin (BTC) Price Drops Below $62K as Iran Launches Missile Attack on Israel

Bitcoin's value plummeted below $62K on Tuesday afternoon following news that Iran had launched a missile attack on Israel.

Bitcoin (BTC) dropped below the $62K mark on Tuesday afternoon as Iran launched a missile attack on Israel.

At the time of writing, BTC was trading around $62,200, down 1.4% in the last 24 hours as the conflict escalated, creating uncertainty in the global markets.

Traders who had been expecting a bullish start to “Uptober” were left disappointed as both crypto and stock markets fell at market open.

Bitcoin experienced a sharp selloff following Iran’s large-scale missile attack on Israel earlier today, which pushed the token down to just below $61K. While the price has since recovered to around $62K, the ongoing conflict between Israel and Iran continues to stoke uncertainty.

If the situation worsens, analysts warn that Bitcoin could face further downward pressure and may retest the key support level of $60,000.

The selloff in Bitcoin and other crypto assets was largely triggered by news of escalating violence in the Middle East. Following threats of retaliation for recent Israeli strikes on Hezbollah forces, Iran launched a barrage of missiles targeting major Israeli cities, including Tel Aviv. The Israel Defense Forces confirmed that all Israeli civilians had been ordered into bomb shelters as the attacks took place.

To add to the tension, US President Joe Biden and Vice President Kamala Harris were reportedly in the White House Situation Room, directing US Military forces in the Middle East to assist in defending Israel.

Bitcoin’s price fell rapidly as investors pulled out of speculative assets. At press time, Bitcoin had recovered slightly but was still down roughly 2% over the last 24 hours. This volatility reflects the broader market uncertainty caused by the conflict, with investors turning to safer assets like gold, which surged 1.2% to near-record highs.

In addition to geopolitical concerns, traders were also booking profits ahead of the upcoming FOMC. According to data from CoinGlass, there were significant outflows from major tokens like Bitcoin, Ethereum, and Solana, with more sellers than buyers in the market.

The above is the detailed content of Bitcoin (BTC) Price Drops Below $62K as Iran Launches Missile Attack on Israel. For more information, please follow other related articles on the PHP Chinese website!