Bitcoin, Ethereum drop after US and Israel strike Iran

The price of Bitcoin, Ethereum and other major cryptocurrencies dropped on Saturday after President Donald Trump announced that the US and Israel had started “major combat operations” against Iran.

Bitcoin was priced at $64,055 at 9am in New York, down nearly 3% over a 24-hour period, according to CoinGecko. It dropped hard on the news, quickly dropping as low as $63,177, but has since recovered slightly.

Ethereum’s price was hit harder: the coin has lost nearly 5% of its value over the past day and was recently trading for $1,867.

“We’re going to annihilate their navy, we’re going to ensure that the region’s terrorist proxies can no longer destabilise the region or the world,” Trump said in a video posted on Truth Social.

“This regime will soon learn that no one should challenge the strength and might of the United States armed forces,” he added.

Derisk expected

Experts last week told DL News that a US attack on Iran would most certainly lead to a dip in crypto prices.

But market observers were divided on how prolonged a selloff would be. When tensions flared last year between Israel and Iran investors quickly sold off their Bitcoin.

The leading cryptocurrency’s price fell sharply following Israel’s June 2025 “Operation Midnight Hammer” strike and dipped again later that month when the US joined in.

It then recovered after Trump announced a pause in attacks.

Experts, though, warned that this time round, conflict between the US, Israel and Iran could go on for longer — and possibly lead to a wider regional war.

Other assets

Other top cryptocurrencies were also down on Saturday. XRP dropped by more than 3% and was priced at $1.33. Solana dropped by the same amount and was trading hands for $80.34.

Elsewhere, Dogecoin and Cardano, the 10th and 13th biggest coins by market cap, respectively experienced bigger selloffs. Memecoin Dogecoin lost 4% of its value over a 24-hour period and Cardano dropped by nearly 6%.

The entire crypto market cap has lost 50% of its value since October.

Crypto market movers

• Bitcoin was down 3% over a 24-hour period, trading for $64,055.
• Ethereum dropped by 5% over the same timeframe and was priced at $1,867.

What we’re reading

• Aave Labs leads in major vote after backtracking on plan to sideline v3 — DL News
• Bitcoin price shows ‘absurd strength’ as ETF investors continue to hold the asset, analysts say — DL News
• For L2 Tokens, Will Robinhood Be to Arbitrum What Base Was to Optimism? — Unchained

Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at mdisalvo@dlnews.com.