Top line
The price of Bitcoin fell 7% on Saturday over the course of less than an hour, with prices of other cryptocurrencies also falling sharply after Iran launched an attack on Israel.
The cryptocurrency rose to a record high last month amid a months-long rally.
Key facts
Bitcoin's price fell 7% to US$62,570 as of 4:40pm on Saturday afternoon, after the cryptocurrency briefly fell to the previous day's low of US$60,908.
Ethereum fell more than 9% to $2,923, while Binance and Solana coin prices fell 9% and about 18%, respectively.
The prices of several lesser-traded cryptocurrencies fell by at least 15%, including Avalanche (20%), XRP (20%), and the token dogecoin (18%).
Huge number
$73,750. This is the price of Bitcoin on March 24, the highest price ever for the cryptocurrency.
Main background
Concerns about the growing geopolitical conflict in the Middle East have weighed on US markets in recent days. Dow Jones Industrial Average Projection rose by 475 points on Friday, after the White House said the United States and Israel were preparing for a possible attack by Iran. JPMorgan Chase CEO Jamie Dimon told investors that the geopolitical conflict is a cause for concern, noting that it “could be crucial to what happens to the global economy if oil and gas prices rise significantly,” CNN reported. mentioned.
In-depth reading
Iran launches a drone attack on Israel (Forbes)
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