News that Iran has launched drones toward Israel’s airspace is affecting global markets and sending Bitcoin’s (BTC) price plummeting.
Iran says it has launched dozens of drones and the Israeli military says it expects them to arrive in a matter of hours, reports the Associated Press.
News of the imminent launch sent the implied open for the Dow Jones down more than 500 points at time of publishing, according to pre-market data from CNBC.
And Bitcoin, the leading crypto asset, dropped from a 24-hour high of $67,936 to as low as $61,514.
BTC has since bounced back slightly, and stands at $62,785 at time of publishing, down 6.7% in the last 24 hours.
Adam Kobeissi of the Kobeissi Letter says the growing tensions are poised to increase inflation.
“If markets were open right now, it’s likely we would see oil prices near $90/barrel. Growing geopolitical tensions are set to spark another surge in inflation. It’s going to be a volatile year ahead.”
The AP says the attack marks the first time Iran has launched a full-scale military assault on Israel.
“Israel’s war on Hamas in the Gaza Strip has inflamed decade-old tensions in the Middle East, and any new attack threatens to escalate that conflict into a wider regional war…
The U.S., Israel’s main backer, has stood by the country despite growing concerns over Israel’s war on Gaza killing more than 33,600 Palestinians and wounding over 76,200 more. Israel’s war began after Hamas’ Oct. 7 attack on Israel that killed 1,200 people and saw some 250 others taken hostage.”
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