The cryptocurrency market has registered a massive reaction to the escalating tensions in the Middle East. Bitcoin (BTC), the king coin, has lost nearly 8% of its value within a few minutes, while other cryptocurrencies have registered a loss exceeding that. The great crypto plunge follows news of Iran’s official attack on Israel, confirmed by Israeli authorities.
According to CoinMarketCap, at press time, Bitcoin (BTC) was trading at $62,049 with a market cap of over $1 trillion. The coin has registered a downtrend of 7.51% in the past hour, while its past-day trend shows a similar pattern.
Ethereum (ETH), the second-largest cryptocurrency in the market, has also lost a huge portion of its value in the past hour. According to CMC, ETH lost nearly 9% of its value, with the coin trading at $2924 at press time. The market cap for ETH stood at over $353 billion, while the trade volume was at over $41 billion.
The story is still developing…