Israel launched airstrikes targeting key Iranian military sites, escalating tensions into open conflict.. The assault marks a major escalation in tensions, following months of warnings from Israeli officials about Iran’s nuclear ambitions. Iran’s Islamic Revolutionary Guard Corps’ commander-in-chief, Gen. Hossein Salami, was reportedly killed, alongside other top military leadership.
According to CNN, the attack targeted the Iranian nuclear program and long-range missile capabilities. An Israeli military source also told the news outlet that the attack will continue for the coming days.
Crypto Market Fallout
While crypto investors are far from the most affected by war, the political shockwave caught many traders off guard, plunging nearly all coins while sending Bitcoin back to its weekly low.
In a matter of hours, the entire crypto sector saw $203.7 billion leaving the market. The total cryptocurrency market capitalization is now at $3.19 trillion — its lowest point in ten days.
Bitcoin, which began the day trading upwards of $109k, is now valued at $104,067 — hitting a daily low of $102,700 before correcting. Altcoins followed suit, with Ethereum and Solana seeing near double-digit losses over the past 24 hours.
Data from CoinGlass reveals that in the past 24 hours, 247,609 traders were liquidated, wiping out $1.15 billion in leveraged positions. A whale trading on Binance was liquidated for $201 million in a $BTC leveraged position.
A military conflict of this magnitude is bound to affect financial markets all across the world. As uncertainty looms, investors become increasingly risk-averse, seeking safer assets, pulling funds from volatile markets, and bracing for potential fallout.
As the conflict develops, markets remain highly volatile, with traders watching closely for Iran’s response and potential global intervention.
