Bitcoin sinks as Israel escalates Iran standoff with airstrikes

Bitcoin and other cryptocurrencies experienced a sharp decline following Israeli airstrikes on Iran, reflecting broader market anxieties. The largest digital asset dipped below $103,000, while Ether also saw significant losses. Investors sought safe-haven assets like Treasuries, and over $1 billion in long crypto positions were liquidated amid the escalating geopolitical tensions.
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Bitcoin and other cryptocurrencies sank after Israel launched airstrikes on Iran in a major escalation.The largest digital asset slid as much as 3% on Friday morning in Singapore to dip below $103,000 before paring losses, according to data compiled by Bloomberg. Second-ranked token Ether had at one point shed about 7.6% of its value.The selloff came after explosions were heard in Tehran, according to local media. Israeli Defense Minister Israel Katz said he's declaring a special state of emergency due to Israel's 'preemptive strike against Iran.' Israel is anticipating a retaliatory drone and missile attack, Katz said.'Crypto 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 $101,000, but geopolitical news will drive price action from here in the short-term.'Stocks fell along with equity-index futures while investors rushed to the safety of havens such as Treasuries in the immediate aftermath of the strikes. Crude oil jumped more than 9% while gold also rose.Bitcoin's decline shows that while it has 'occasionally traded as a macro hedge, in moments of acute risk like this one, particularly involving kinetic military conflict, liquidity is prioritized over narrative,' said Sean McNulty, derivatives trading lead of APAC at digital-asset prime brokerage FalconX Ltd. 'Traders raise cash, rotate into dollars, and reduce leveraged or volatile exposure.'Over $1 billion dollars' worth of long positions across all cryptocurrencies were liquidated in the past 24-hours, according to Coinglass data.Tony Sycamore, market analyst at IG, said in a note that 'a further deterioration in risk sentiment' is likely ahead of the weekend.Bitcoin was trading at $103,540 as of 10:40 a.m. in Singapore on Friday.

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