Ethereum

Guard

Artificial Intelligence

Bitcoin

Coin

<img decoding="async" width="1456" height="832" src="https://coingape.com/wp-content/uploads/2024/04/image2_11zon-5.png" class="attachment-full size-full wp-post-image" alt="bitcoin" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/04/image2_11zon-5.png 1456w, https://coingape.com/wp-content/uploads/2024/04/image2_11zon-5-300x171.png 300w, https://coingape.com/wp-content/uploads/2024/04/image2_11zon-5-1224x699.png 1224w, https://coingape.com/wp-content/uploads/2024/04/image2_11zon-5-768x439.png 768w, https://coingape.com/wp-content/uploads/2024/04/image2_11zon-5-150x86.png 150w" sizes="(max-width: 1456px) 100vw, 1456px">
Bitcoin’s (BTC) price has dropped by more than 7% and current market data shows that the leading digital asset by market capitalization is trading at $62,649.63. 
<h2 id="strong-bitcoin-price-extends-its-bearish-drawdown-strong">Bitcoin Price Extends Its Bearish Drawdown</h2> 
Prices of cryptocurrencies including Bitcoin and Ethereum (ETH) have <a href="https://coingape.com/crypto-market-crash-heres-why-bitcoin-eth-sol-xrp-shib-fell-sharply/">dropped significantly</a> after it was announced by the Israeli military that Iran had attacked the country by launching “dozens” of drones.&nbsp; 
Before the news came into the limelight, Bitcoin price was trading at $68,000 before plunging to $62,000. This implies a huge loss of about $6,000 within a few hours. Ethereum, on the other hand, saw a price dip of 10% and is now trading at $2,892.97. 
<figure id="attachment_191435" aria-describedby="caption-attachment-191435" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-191435" src="https://coingape.com/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-1.jpeg" alt="Bitcoin price 1D Chart" width="931" height="445" srcset="https://coingape.com/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-1.jpeg 931w, https://coingape.com/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-1-300x143.jpeg 300w, https://coingape.com/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-1-768x367.jpeg 768w, https://coingape.com/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-1-150x72.jpeg 150w" sizes="(max-width: 931px) 100vw, 931px">
 <figcaption id="caption-attachment-191435" class="wp-caption-text">
 Bitcoin price 1D Chart. Source: CoinMarketCap
 </figcaption>
</figure> 
Binance Coin (BNB), Solana (SOL), and other tokens have seen up to a double-digit drop in price within a few hours. Generally, the broader crypto market is down by more than 8%&nbsp;with a combined crypto market cap hitting a low of $2.38 trillion. Seeing that traditional financial markets are closed on Saturdays, it is not yet certain how the attack on Israel must have impacted the mainstream assets.&nbsp; 
On one hand, it is strongly believed that the drop in <a href="https://coingape.com/900-million-liquidation-bitcoin-price-crash-options-market/">Bitcoin</a> price is driven by some factors apart from the drone launch in Israel. There the <a href="https://coingape.com/bitcoin-options-expiry-how-traders-are-pricing-for-bitcoin-halving/">options expiry</a> in the market, historical bearish Bitcoin halving patterns, macroeconomic factors, and even technical chart weakness.&nbsp; 
While these explain the Bitcoin price slump, the contagion has stirred a bearish trigger that forced altcoin price slumps. 
<h2 id="strong-israel-iran-war-escalates-strong">Israel-Iran War Escalates</h2> 
For the geopolitical mayhem, the Israeli military says&nbsp;the drones from Iran’s <a href="https://coingape.com/israel-hamas-war-us-treasury-imposed-sanctions/">Islamic Revolutionary Guard Corps</a> (IRGC) will take some time to reach Israel.&nbsp; 
It is worth noting that Israelis had previously launched an attack on the Iranian consulate in Syria, a move that killed seven IRGC members. Iran’s latest drone launch is a retaliatory attack on Israel. 
Israel appears to be ready for a direct attack from Iran as Defence Minister Yoav Gallant said the country was “closely monitoring a planned attack” against it by Iran and its allies in the region. These distraught nations are beginning to utilize different approaches including the use of <a href="https://coingape.com/ai-news-dark-side-of-ai-uncovered-in-israel-hamas-war/">Artificial Intelligence</a> (AI) to carry out their terrorism schemes against each other. 
Next week will determine what the impact of the current escalation will have on Bitcoin price and other assets. 
The post <a href="https://coingape.com/bitcoin-btc-price-erases-6000-as-israel-iran-conflict-escalates/">Bitcoin (BTC) Price Erases $6,000 As Israel – Iran Conflict Escalates</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin (BTC) Price Erases $6,000 As Israel – Iran Conflict Escalates

Table of Contents

Coingape News Media

Other articles published on Apr 13, 2024

Riding the Trend: BEFE, BRISE and CENX Stocks – Buy or Hold?

Market Expert Reveals Why Solana Price Is Poised To Go Higher

DinoCat (RAWR) Rallies 522% in 24 Hours, Prepares to Surge Another 2,200% – Can It Challenge SHIB...

Lebanon Introduces World’s First AI President

Grayscale Bitcoin ETF GBTC Suffers Steady Bitcoin Outflows

Bitcoin Price Prediction: The Flash Crypto Crash Sees BTC Plunge Almost 5%, But The $99BTC Learn-...

Join our free newsletter for daily crypto updates!