Crypto market update: Bitcoin and Ethereum price drop after explosion reported in Tehran

Bitcoin fell to $63,062 before recovering to $66,201 following reports of large explosions in Tehran as the United States and Israel launched strikes across Iran.

Ethereum (ETH) dropped to $1,837 before rebounding to $1,940. As per the data at the time of the attack, the crypto market erased approximately $128 billion in value in the immediate aftermath.

Iran launched retaliatory missiles at multiple locations including Israel, Qatar, the United Arab Emirates, and Bahrain.

They also threatened further strikes against U.S.-linked bases in Iraq.

The UAE Ministry of Defence successfully intercepted Iranian missiles without damage or injuries, though fragments fell across Abu Dhabi.

Bitcoin and Ethereum recover from intraday lows

Bitcoin (BTC) traded in a 24-hour range of $63,062 to $66,108 before settling at $66,201. The asset gained 1.12% over one hour and 1.28% over 24 hours. The intraday low of $63,062 is a 4.6% drop from the 24-hour high.

Ethereum’s 24-hour range spanned $1,837 to $1,946, with the current price at $1,940. The asset posted gains of 1.42% over one hour.

Both assets demonstrated quick recovery from initial panic selling as markets assessed the scope of the military action.

Bitcoin reclaimed the $66,000 level while Ethereum held above $1,900 after testing support below $1,850.

Regional missile exchanges cause risk-off sentiment

The strikes began Saturday with explosions reported in Tehran. U.S. President Donald Trump urged Iranians to overthrow the government once the military campaign concludes.

Hours after the initial strikes, Iran launched missiles targeting Israel, Qatar, UAE, and Bahrain.

The UAE Ministry of Defence intercepted the new wave of Iranian missiles launched toward the country.

Fragments of intercepted missiles fell across several parts of Abu Dhabi including Saadiyat Island, Khalifa City, Bani Yas, Mohammed bin Zayed City, and Al Falah. No injuries were reported.

The ministry affirmed readiness to deal with any threats and stated it is taking all necessary measures to counter anything aiming to undermine the country’s security and stability.