The price of bitcoin dropped by 7% on Saturday over the course of less than an hour, as prices for other cryptocurrencies also sharply declined after Iran launched an attack on Israel.
The cryptocurrency climbed to a record high last month amid a months-long rally.
Getty Images
Key Takeaways
- The price of bitcoin was down 7% to $62,570 as of 4:40 p.m. Saturday afternoon, after the cryptocurrency briefly fell to a low on the day of $60,908 minutes earlier.
- The price of ethereum fell over 9% to $2,923, while prices for Binance coin and solana dropped 9% and nearly 18%, respectively.
- Prices for several less-traded cryptocurrencies dropped by at least 15%, including avalanche (20%), XRP (20%) and the meme token dogecoin (18%).
Big Number
$73,750. That’s what the price for bitcoin was on March 24, the all-time high price for the cryptocurrency.
Key Background
Concerns over increased geopolitical conflict in the Middle East have impacted U.S. markets in recent days. The Dow Jones Industrial Average dropped by 475 points Friday, after the White House said the U.S. and Israel were preparing for a potential attack by Iran. JPMorgan Chase CEO Jamie Dimon told investors geopolitical conflict was cause for concern, noting it could “be determinative on what happens to the global economy if oil and gas prices go too high,” CNN reported.
