US-Iran Tensions Send Bitcoin and Ethereum Prices Plummeting

Bitcoin's price took a hit on July 9th due to escalating tensions between the US and Iran. The cryptocurrency market tracker CoinMarketCap reported that as of 8:10 a.m., Bitcoin was trading at $62,275, down 2.05% from the previous day. Ethereum, the leading altcoin, also felt the pinch, dropping 2.04% to $1,740.

The weakness in the market is attributed to the ongoing geopolitical tensions between the two nations. On July 6-7, Iran launched attacks on four vessels near the Strait of Hormuz, including a Qatar-flagged LNG carrier and Saudi Arabian- and Liberian-flagged oil tankers. The US Central Command responded with airstrikes targeting Iran.

US President Donald Trump took to his social networking service, Truth Social, to post what appeared to be video of the strikes on Iran. In the post, he warned that if attacks on Iran's merchant ships occur again, the country will face 'much more severe' consequences.