Bitcoin slides below $64,000 after explosions reported in Tehran

For Bitcoin, the losses extend a months-long selloff in crypto markets, beginning shortly after Bitcoin peaked at over $126,000 in October.

Bitcoin and other digital assets fell sharply after Israel said it launched a preemptive strike on Iran on Saturday.

Bitcoin dropped as much as 3.8% to $63,038, while Ether, the second-largest token, slid 4.5% to $1,835. Roughly $128 billion in market value was erased across digital-assets in the immediate aftermath of the news, according to data from CoinGecko.

Three large explosions were heard in central Tehran, Fars news said, adding that several missiles likely hit the capital. Thick smoke was seen rising in parts of the capital, Iranian state television reported. The Associated Press said one of the strikes took place near the office of Iran’s Supreme Leader, Ali Khamenei.

Israeli Defense Minister Israel Katz declared a state of emergency as he announced the strike, and said the country expects to come under drone and missile attack.

For Bitcoin, the losses extend a months-long selloff in crypto markets, beginning shortly after Bitcoin peaked at over $126,000 in October.