Israel did not retaliate against Iran, causing market concerns to temporarily ease, Bitcoin back to 65K

On Saturday, Iran launched a drone attack on Israel, causing a sharp decline in cryptocurrency prices, with Bitcoin dropping to 60K at one point. However, as U.S. President Biden stated that the U.S. would not engage in any attacks against Iran, and no further actions were announced after an Israeli wartime cabinet meeting, the tension in the Middle East temporarily eased. Bitcoin also rose back above 65K this morning.

Iran's drone attack on Israel led to a 60K plunge in Bitcoin prices.

Israel refrains from further retaliatory actions

According to a report by New York Post, U.S. President Biden has informed Israeli Prime Minister Netanyahu that the U.S. will not engage in any offensive against Iran. He also told Netanyahu that Israel has intercepted nearly all attacks, including hundreds of missiles and drones, demonstrating its military superiority, and that Israel has emerged victorious in this operation.

Iran's recent actions were in retaliation for an earlier Israeli attack on the Iranian embassy building in Syria earlier this month. Iranian leaders have stated that their retaliatory actions will cease unless they are attacked again. Following the Israeli wartime cabinet meeting, no further actions were announced, temporarily easing tensions in the Middle East.

Top 10 Market Cap Cryptocurrencies' Price Movements

Bitcoin plummeted to around $60,660 in the early hours of 4/14 following news of drone attacks, but gradually rose as no further retaliation unfolded in the Middle East, reaching $65,727 before the deadline. Ethereum also bounced back from a low of $2,852 to $3,160.

The top 10 market cap cryptocurrencies saw some recovery on Sunday, but overall, except for TON which maintained an upward trend, the rest of the cryptocurrencies experienced fluctuations ranging from 2% to 21% over the past week.

Japanese and Korean Stock Markets Opened with Nearly 1% Decline

Since traditional financial markets were closed over the weekend, only cryptocurrencies could immediately reflect market sentiment. As of the early morning opening today, the Nikkei 225 index fell by 1.16%, and the Korean Composite Index dropped by 0.95%. However, the USD/JPY remained at a high of 153.31, showing no signs of risk aversion, while gold remained near $2,400. Expectations of traditional financial markets and investors for the future still depend on the opening of major markets to see their impact.

As Bitcoin retraces, gold prices hit new highs. What are the factors driving the rise in gold prices?