"90 Million KRW Collapse on 'Middle East War Escalation' News... Slight Rebound Underway [Bitcoin Now]"

Iran, Israel Retaliatory Airstrikes Trigger Bitcoin Price Drop Over 7%
Fluctuating After Recovering to 90 Million Won

On the 13th (local time), Iran launched an attack by firing hundreds of armed drones (unmanned aerial vehicles) and ballistic missiles toward Israel, causing the price of Bitcoin to fall below 90 million won. However, as cryptocurrency investors began buying at the lower prices, Bitcoin trading volume surged, and the price rebounded, reducing the decline.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11 a.m. on the 14th (Korean time), the price of Bitcoin was trading at 88,123,278 won, down 3.28% compared to the previous day. Bitcoin fell to as low as 85,035,664 won at 4:30 a.m. that day, breaking below 90 million won, but has since shown signs of recovery. The trading volume over the past 24 hours reached 76,136,128,820,000 won, an increase of 20.12%.

At the same time, Ethereum was trading at 4,121,927 won, down more than 6% compared to the previous day.

The drop in cryptocurrency prices was due to the Middle East war that began with clashes between Israel and the Palestinian armed group Hamas, escalating to Iran launching retaliatory airstrikes against Israeli territory, increasing geopolitical instability.

However, Bitcoin has since reduced its losses, recovering to the 90 million won range and fluctuating around the 88 million won level.

Cryptocurrency specialized media CoinDesk reported, "After Iran’s mission to the United Nations posted on X (formerly Twitter) that 'Iran’s military action is a response to the Zionist (Israel) regime’s aggression against our diplomatic facilities' and stated 'the matter can be deemed concluded,' cryptocurrency prices began to recover."

On the same day, the Israeli military announced that it had mostly defended against Iran’s large-scale airstrikes. Daniel Hagari, the chief spokesperson for the Israeli military, said, "Dozens of Iran’s ground-to-ground ballistic missiles were intercepted before crossing the border," adding, "A small number of missiles struck Israel, injuring one girl and causing minor damage to a military base in southern Israel."

Ofir Gendelman, spokesperson for the Israeli Prime Minister’s Office, stated on his X (formerly Twitter) account that Iran’s ballistic missiles targeted holy sites in Jerusalem. Gendelman wrote, "Iran launched ballistic missiles at holy sites in Jerusalem, but Israel’s Iron Dome air defense system intercepted these missiles, protecting the Al-Aqsa Mosque."

Iran had vowed retaliation against Israel after its consulate in Syria was bombed by Israel on the 1st of this month, killing a senior official of the Iranian Revolutionary Guard Corps (IRGC).