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Bloomberg

Bitcoin and other cryptocurrencies sank after Israel launched air strikes on Iran in a major escalation.
The largest digital asset slid as much as 3 per cent on Friday morning in Singapore to dip below US$103,000 before paring losses, according to data compiled by Bloomberg.
Second-ranked token ether had at one point shed about 7.6 per cent of its value.
The sell-off came after explosions were heard in Tehran, according to local media.
Israeli Defence Minister Israel Katz said he was declaring a special state of emergency due to Israel’s “pre-emptive strike against Iran”. Israel is anticipating a retaliatory drone and missile attack, Katz said.
“Cryptocurrency is reacting negatively to news of Israel strikes in Iran, in line with major risk assets,” said Caroline Mauron, co-founder of Orbit Markets, a provider of liquidity for crypto derivatives. “We expect to see technical support around US$101,000, but geopolitical news will drive price action from here in the short-term.”


Stocks fell along with equity-index futures, while investors rushed to the safety of havens such as Treasuries in the immediate aftermath of the strikes. Crude oil jumped more than 9 per cent, while gold also rose.
Bitcoin’s decline shows that while it has “occasionally traded as a macro hedge, in moments of acute risk like this one, particularly involving kinetic military conflict, liquidity is prioritised over narrative”, said Sean McNulty, derivatives trading lead of Asia-Pacific at digital-asset prime brokerage FalconX. “Traders raise cash, rotate into dollars, and reduce leveraged or volatile exposure.”
Over US$1 billion worth of long positions across all cryptocurrencies were liquidated in the past 24 hours, according to Coinglass data.
Tony Sycamore, market analyst at IG, said in a note that “a further deterioration in risk sentiment” is likely ahead of the weekend.
Bitcoin was trading at US$103,540 as of 10.40am in Singapore on Friday.


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Bitcoin slid as much as 3 per cent early on Friday in Singapore to dip below US$103,000 before paring losses. Photo: Shutterstock

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About US$758 million worth of cryptocurrency wagers were liquidated in the past 24 hours, the most in nearly six weeks, according to Coinglass data. Photo: Shutterstock

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Over US$1 billion worth of long positions across all cryptocurrencies were liquidated in the past 24 hours, according to Coinglass data


Over US$1 billion worth of long positions across all cryptocurrencies were liquidated in the past 24 hours, according to Coinglass data.
