Global Cryptocurrency Market Plunges Amidst US-Israel Strike on Iran

The cryptocurrency market suffered a significant loss in value following the surprise military action by the US and Israel against Iran.

Bitcoin, the largest cryptocurrency by market capitalization, fell to a low of $63,038 before stabilizing at around $64,000. This represents a decline of approximately 3.8% in just a few hours.

Ethereum, the second-largest token, also experienced significant losses, plummeting by as much as 4.5% to $1,836.

The sudden drop in value has erased roughly $128 billion from the global cryptocurrency market according to data from CoinGecko.