Crypto Markets Crash as US Joins Israel’s Attacks on Iran

Bitcoin Drops Below $100,000 After US Airstrikes on Iran

Bitcoin crashed under six figures for the first time in over a month on Saturday. The price fell to $99,822 after former US President Donald Trump announced that American fighter jets had bombed three Iranian nuclear sites.Source: CoinGecko

In a post on Truth Social, Trump wrote that the US military had hit the Fordow, Natanz, and Esfahan nuclear sites. He said all planes had left Iranian airspace safely after dropping a full load of bombs on Fordow. Trump called the operation a success and praised the US military. He ended his post by saying, “NOW IS THE TIME FOR PEACE!”

The crypto market reacted fast. Traders dumped risky assets as the US joined Israel’s nine-day bombing campaign against Iran. The panic followed days of speculation that Washington would join the fight. Many believed it was likely after Israel’s earlier attack on Iranian territory. Israel has long accused Iran of pursuing nuclear weapons, though those claims remain unproven. America's involvement in the war was affirmed by the recent US airstrikes.

Source: X

The decline of Bitcoin below $100,000 was only one aspect of the situation. XRP fell 3.1 percent to $1.8. The price of ether fell to $2,201. Solana suffered the most, dropping 5% to $121. Gains made earlier in the week were offset by these declines.

Israel declared it had killed Saeed Izadi, a top commander in Iran's Quds Force, shortly after Trump's post. An airstrike in a Qom flat killed Izadi. The strike was hailed as a great victory by Israel's defense minister. He asserted that Izadi assisted Hamas in obtaining supplies before its October 7 strike, which set off the Gaza War. The US and UK had previously imposed sanctions against Izadi.

While Israel claimed Izadi’s death as a success, Iran’s Revolutionary Guards confirmed five of its members were also killed in other strikes on Khorramabad. Iranian state outlets reported that a 16-year-old was killed and two others were injured in the Qom strike.

Iran's official news agency, Nour News, reports that since Israel started its bombing campaign on June 13, 430 people have died and 3,500 have been injured inside Iran. 24 Israeli civilians have been killed in Iranian reprisal, Israeli officials say. Now, the battle has intensified into the two nations' greatest confrontation in decades.

No Talks with the US as Bombings Continue

Talks with the US will not take place while the bombing is ongoing, according to Iran's Foreign Minister Abbas Araqchi. "It is evident that I cannot go to negotiations with the US when our people are being bombarded with US support," Araqchi stated while speaking from Istanbul at an Organization of Islamic Cooperation (OIC) summit.

In a final diplomatic attempt, Araqchi had conferred with European foreign ministers in Geneva the day before. It looks like the endeavor is over. Trump declared on Friday that he will make a decision "within two weeks" about the possibility of deploying additional US military to the fight. In addition, he asserted that the US would not permit Iran to develop a nuclear weapon "within weeks."

Iran’s Fars News Agency reported that Israel had struck the Isfahan nuclear facility, one of Iran’s most important atomic sites. The report said there were no radioactive leaks, but damage assessments are still happening. Israel also claimed to have attacked missile storage and launch sites across Iran in a wider military campaign.