Crypto sells off sharply amidst reports of Iranian drone attack on Israel

Markets • April 13, 2024, 4:53PM EDT
Published 1 minute earlier on
The Block

Quick Take

  • Recent news of an impending attack by Iran against Israel has led to a significant selloff in Bitcoin and other cryptocurrencies. 

The prices of many cryptocurrencies, including Bitcoin and Ethereum, have dropped precipitously today after the Israeli military said Iran had launched "dozens" of drones towards the country in an attack against the country. 

The price of Bitcoin, which peaked today around $68,000, has fallen sharply in the last hour to reach a price of about $62,000 as of 4:50 pm ET, according to The Block's Price Page, a selloff of nearly 8%. Ethereum likewise saw a 9% drop to about $3,000, while other tokens like BNB and Solana saw double-digit percentage declines. 

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As a whole, the crypto market is down 8% on the day, according to The Block's data. While the geopolitical events aren't tied directly to crypto, traditional markets are closed on Saturday, leaving it unclear how traders of other asset classes will respond to the news. 

This is a developing story.


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About Author

Zack Abrams is a writer and editor based in Brooklyn, New York. Before coming to The Block, he was the Head Writer at Coinage, a Web3 media outlet covering the biggest stories in Web3. The story he co-reported on Do Kwon won a 2022 Best in Business Journalism award from SABEW. Other projects included a deep dive into SBF's defense based on exclusive documents and unveiling the identity of the hacker behind one of 2023's biggest crypto hacks — so far. He can be reached via X @zackdabrams or email, [email protected].