May 30, 2024

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Bitcoin (BTC) and other cryptocurrencies are stumbling amid tensions in the Middle East

Bitcoin (BTC) and other cryptocurrencies are stumbling amid tensions in the Middle East

The deteriorating macroeconomic climate and the collapse of industry giants such as FTX and Terra have affected the price of Bitcoin this year.

STR | Norphoto via Getty Images

The cryptocurrency market suffered heavy selling overnight Saturday amid an unprecedented Iranian drone and missile attack on Israel.

Bitcoin fell about 8% late Saturday evening, as US officials confirmed the attack had occurred. Cryptocurrencies were among the only risky assets to trade over the weekend, and the decline was seen as an initial reaction to escalating tensions in the Middle East.