Bitcoin’s value experienced a sharp decline overnight as the United States and Israel launched coordinated “major combat operations” targeting Iran. These strikes focused on multiple military installations, aiming to dismantle Iran’s nuclear and ballistic missile capabilities while eliminating prominent military figures.
Following news of the attacks, Bitcoin’s price dropped swiftly from $65,572 to $63,176 within roughly an hour. However, in the subsequent hours, the cryptocurrency managed to regain much of its lost value.
Currently, Bitcoin is trading at approximately $65,051 according to CoinGecko data. This reflects a daily decrease of about 0.8% and a weekly decline near 5.2%.
Other major cryptocurrencies such as Ethereum, XRP, and Solana also saw significant price drops after the overnight assaults but have since recovered most losses with daily declines remaining under 2% each.
The rapid market downturn triggered a surge in crypto liquidations over the past 24 hours. CoinGlass reports that around $490 million worth of positions were liquidated during this period—primarily involving long positions on Bitcoin and Ethereum. Specifically, Bitcoin accounted for roughly $196 million in liquidations while Ethereum followed with about $132 million.
At its lowest point overnight, Bitcoin was down nearly 50% from its all-time high exceeding $126,000 reached last October. Over the past month alone it has declined by approximately 23%, having started this year near $87,000.
The cryptocurrency market has historically been sensitive to geopolitical events; this recent turmoil aligns with that pattern. For instance, prices plunged sharply following Russia’s invasion of Ukraine in 2022.
The retaliatory strikes by Iran targeted U.S. military assets throughout the Middle East amid ongoing repercussions from these bombings within Iranian territory itself. Reports indicate significant civilian casualties including an estimated death toll of 85 after an attack on a girls’ school located in Minah province.
Meanwhile on Myriad—a prediction platform run by Dastan (the parent company behind Decrypt)—users increasingly forecast that Iran’s regime may collapse before October this year; current odds stand at around 51%, marking a rise of nearly 20% over just one day.