US-Iran Tensions Spark Global Market Volatility, Bitcoin Plunges by 6%

The recent escalation of tensions between the US and Iran has sent shockwaves across global markets, with cryptocurrencies being no exception.

According to market data, Bitcoin plummeted by nearly 6% within minutes of former US President Donald Trump's announcement of US-led combat operations against Iran. This rapid decline triggered over $100 million in liquidations in a short period.

The sharp drop is largely attributed to investors' shift into risk-off mode, seeking safer assets such as gold and silver amidst rising geopolitical uncertainty. The sudden spike in oil prices has also contributed to the market volatility.