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The US and Israel launched military strikes in Iran, which caused the largest cryptocurrency to drop by roughly 3 percent in a few hours and prolonged what had already been a challenging weekend for risk assets. As a result, Bitcoin approached $63,000 in Saturday’s trading.

Bitcoin dropped back to its lowest point since the February 5 crash, when it momentarily fell below $60,000. Israel Katz, the Israeli Defense Minister, proclaimed an immediate state of emergency in the country. According to The Wall Street Journal, a US official acknowledged US involvement in the strikes.

There is a known pattern to the sale. The stock and bond markets are closed on weekends, but Bitcoin trades around the clock, seven days a week. Because of this, it is one of the few sizable and liquid assets that traders can sell when geopolitical risk escalates after regular business hours. As a result, during weekend evenings, bitcoin frequently serves as a pressure-relieving valve for the general risk-reduction sentiment.

Derivatives data show that approximately $100 million in long positions were liquidated across major exchanges within minutes of the headlines. In the wake of the attack, the Israel Defense Forces issued a warning about potential missile retaliation and enforced a nationwide ban on gatherings, schools, and workplaces, except in critical sectors.