Bitcoin (btc) and other cryptocurrencies tumble amid Middle East tensions

A worsening macroeconomic climate and the collapse of industry giants such as FTX and Terra have weighed on bitcoin’s price this year.

STR | Nurphoto via Getty Images

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

Bitcoin was down some 8% late on Saturday evening as U.S. officials confirmed the attack was taking place. Digital coins were some of the only risk assets trading over the weekend and the fall was seen as an initial reaction to the escalation of Middle East tensions.

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