Bitcoin Plunges After Israel-Iran Ceasefire Announcement
(MENAFN) Bitcoin and other major cryptocurrencies plunged during the recent 12-day military confrontation between Israel and Iran but surged back following news of a ceasefire.
Heightened geopolitical unrest typically drives down prices in the crypto market, known for its volatility and sensitivity to global conflict.
On June 13, Israel launched airstrikes at midnight, triggering a sharp drop in Bitcoin’s value from $107,000 to $102,000. Most alternative cryptocurrencies, or altcoins, tumbled more than 10% in the aftermath.
As hostilities between the two nations escalated, the market remained under pressure, with persistent crossfire dampening any potential recovery in crypto assets.
The steepest decline came on June 22, when U.S. forces targeted Iranian nuclear sites. This escalation caused many altcoins to nosedive by more than 30%, marking the most severe losses during the conflict.
Over the course of the clashes, the overall market capitalization of cryptocurrencies shrank from roughly $3.4 trillion to $3 trillion—its lowest recorded level.
With the ceasefire officially declared, digital currencies began to regain lost ground. Bitcoin rallied back above $106,000, nearly reclaiming its pre-conflict value.
Altcoins also staged a strong comeback, rising over 20% and, in many cases, returning to levels seen before the fighting began.
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