Would you like to receive notifications on latest updates of the following headlines?

Bitcoin drops to $60,000 following Iran's Missile attack on Israel

POSTED ON October 2, 2024 •   Business      BY Abiodun Saheed Omodara
Picture illustrating of drop in Bitcoin price l Credit: Nairametrics

The leading cryptocurrency, Bitcoin, experienced a significant decline, dropping to around $60,000 yesterday, following intense missile strikes by Iran on Israel.

The global community was inundated with reports yesterday as Iran launched over 400 missiles into Israeli territory, marking a substantial escalation in an already volatile region.

The missile attacks were in retaliation for Israel's previous killing of top militant leaders and the recent assaults on Lebanon and Hezbollah.

The tensions in the region have raised concerns about an all-out war between Iran and USA tipping the Geopolitical tension meter to an all-time high.

Bitcoin has sharply dropped in value as a result of these tensions. The primary crypto asset dropped by 3.1% to about $61,616 on the day of the Iranian assault on Israel. Bitcoin has also dropped 4.4% over the past week.

The rise in geopolitical tensions is affecting Bitcoin price due to growing uncertainty and increasing risk aversion in the financial markets.

Investors following the trends are selling off riskier assets like Bitcoin leading to a drop in its price.

The decline in Bitcoin price as a result of the geopolitical tensions was covered effectively by Imperial Wealth a crypto intelligence company.

Imperial Wealth in an X post state the failing price of bitcoin despite its brilliant surge in the first week of this month.

“ Bitcoin Reaches $60,000 Amidst Iranian Missile Strike on Israel  

Bitcoin’s value plummeted to $60,000 on Tuesday afternoon following Iran’s missile attack on Israel, later recovering slightly to $61,500. This represents a 7.5% decline from its recent $66,500 peak, causing uncertainty in global markets.  

The cryptocurrency community’s hopes for a bullish “Uptober” were dashed as both crypto and stock markets fell sharply. The downturn was primarily driven by escalating Middle East hostilities, with Iran targeting Israeli cities and Israeli civilians seeking shelter.  

The situation’s gravity was highlighted by US leadership’s involvement in Israel’s defense.”  

Mitchell Nixon, the Chief research officer at Imperial Wealth pinpointed the recent drops in Bitcoin price a few months ago to rising geopolitical tensions, especially in the Middle East.

He stated that the current Bitcoin price was similar to price drops in April and July and both were caused by tensions in the Middle East.

In addition to the Iran-Israel escalations, Nixon noted that traders were also collecting profit ahead of the upcoming Federal Open Market Committee meeting.

 

READ ALSO
Nigeria's response to WTO obligations, AfCFTA opportunities for foreign investment
BY Abiodun Saheed Omodara March 16, 2025 0

In light of Nigeria's previous commitment to the World Trade Organisation (WTO) global trade agreeme...

READ ALSO
Tinubu highlights need for economic reform to protect future generations
BY Abiodun Saheed Omodara March 14, 2025 0

ABUJA, Nigeria - President Bola Tinubu emphasizes that the purpose of his administration's economic...

READ ALSO
PDP slams Niger governor for regret amid economic decline
BY Abiodun Saheed Omodara March 13, 2025 0

MINNA , Nigeria - The opposition Peoples Democratic Party (PDP) has ridiculed Governor Moh...

READ ALSO
Nigeria unveils comprehensive economic strategy to drive sustainable development
BY Abiodun Saheed Omodara March 11, 2025 0

ABUJA, Nigeria - The Federal Government, represented by the Minister of Finance and Coordinating Min...

READ ALSO
Tax reform bills sparks controversy among stakeholder
BY Abiodun Saheed Omodara March 11, 2025 0

The recently concluded public hearing on the proposed tax reform bills has sparked debates among sta...

READ ALSO
Mining and Misery: Human cost of Tin extraction in Plateau
BY Abiodun Saheed Omodara March 11, 2025 0

PLATEAU, Nigeria (NAN) - Tin mining in Plateau started in 1902 under British rule, with large-scale...

READ ALSO
Stock market gains N52bn on cautious trading
BY Abiodun Saheed Omodara March 11, 2025 0

The stock market began the week on a positive note, with investors earning N52 billion and performan...

READ ALSO
NNPC, Dangote negotiate new Naira-for-Crude deal ahead March 2025 deadline
BY Abiodun Saheed Omodara March 10, 2025 0

The Nigerian National Petroleum Company (NNPC) and Dangote Petroleum Refinery have begun discussions...

OUR CHANNELS:

Real Madrid clinches victory over Villarreal with Mbappe's two goals
BY Abiodun Saheed Omodara March 17, 2025 0

Kylian Mbappe scored twice, leading Real Madrid to a 2-1 victory over Villarreal on Saturday, allowi...


Man-city held to draw by Brighton, champions league hopes in jeopardy
BY Abiodun Saheed Omodara March 17, 2025 0

Manchester City struggled to alleviate concerns about potentially missing out on next season's Champ...


ValueJet Partners, NFF to elevate Nigerian football travel experience
BY Abiodun Saheed Omodara March 17, 2025 0

Nigeria's rapidly expanding airline, ValueJet, signed a partnership agreement with the Nigeria Footb...


Chelsea claims women's league cup glory, keeping Quadruple dreams alive
BY Abiodun Saheed Omodara March 17, 2025 0

Chelsea triumphed over Manchester City in the Women’s League Cup final, capturing their first...


Political tensions rise as PANDEF condemn Wike's comments on Niger Delta leaders
BY Abiodun Saheed Omodara March 17, 2025 0

RIVERS, Nigeria - The youth branch of the Pan Niger Delta Forum (PANDEF), the leading socio-politica...


Nigeria's response to WTO obligations, AfCFTA opportunities for foreign investment
BY Abiodun Saheed Omodara March 17, 2025 0

In light of Nigeria's previous commitment to the World Trade Organisation (WTO) global trade agreeme...


Tech expert advocate AI benefit for career growth, Societal Change
BY Abiodun Saheed Omodara March 17, 2025 0

LAGOS, Nigeria- Specialists in the Information Communication and Technology (ICT) industry with the...


NOA reaffirms commitment to National Unity, Food Security
BY Abiodun Saheed Omodara March 15, 2025 0

ABUJA, Nigeria - The National Orientation Agency (NOA) has reaffirmed its dedication to promoting na...


NIWA calls for private sector engagement to boost water transportation
BY Abiodun Saheed Omodara March 17, 2025 0

ABUJA, Nigeria - The National Inland Waterways Authority (NIWA) has emphasized the importance of eng...


Police arrest two armed robbers, seize firearm in Lagos
BY Abiodun Saheed Omodara March 17, 2025 0

LAGOS, Nigeria - Police operatives from the Lagos State Police Command have apprehended two suspecte...


More Articles

Load more...

Menu