Bitcoin (btc) and other cryptocurrencies tumble amid Middle East tensions

The deterioration of the macroeconomic climate and the collapse of industry giants such as FTX and Terra have weighed on the price of bitcoin this year.

STR | Nurphoto via Getty Images

The cryptocurrency market suffered heavy selling overnight Saturday, amid an unprecedented Iranian drone and missile attack on Israel.

Bitcoin was down around 8% on Saturday evening as US officials confirmed the attack was taking place. Digital coins were among the only risk assets traded over the weekend and the fall was seen as an initial reaction to escalating tensions in the Middle East.

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