Bitcoin, other cryptocurrencies sink as Israel escalates Iran stand-off with air strikes
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The largest digital asset slid as much as 3 per cent on Friday morning in
Singapore to dip below US$103,000 before paring losses, according to data compiled by Bloomberg.
Second-ranked token
ether had at one point shed about 7.6 per cent of its value.
The sell-off came after explosions were heard in Tehran, according to local media.
Israeli Defence Minister Israel Katz said he was declaring a special state of emergency due to Israel's 'pre-emptive strike against Iran'. Israel is anticipating a retaliatory drone and missile attack, Katz said.
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'Cryptocurrency is reacting negatively to news of Israel strikes in Iran, in line with major risk assets,' said Caroline Mauron, co-founder of Orbit Markets, a provider of liquidity for crypto derivatives. 'We expect to see technical support around US$101,000, but geopolitical news will drive price action from here in the short-term.'
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