Bitcoin and Altcoins Plummet Amid Escalating Geopolitical Tensions

The cryptocurrency market has been experiencing heightened volatility due to geopolitical tensions between Israel and Iran. The situation escalated on Saturday morning when Israel launched a 'preemptive' attack against Iran, prompting US President Donald Trump to confirm his country's involvement.

As a result of the escalating conflict, Bitcoin's price has taken a significant hit, plummeting to under $62,800 before recovering some ground to $63,400 as of press time. This represents a notable decline from its recent high and marks a continuation of the bearish trend seen earlier in the week.

The altcoin market has also been severely impacted, with many assets experiencing significant losses. Ethereum's price has dropped by $200 over the past few days to around $1,850, while Binance Coin has surpassed Ripple in terms of market capitalization after a 9% drop.