Bitcoin was down by roughly 3.3% over the past 24 hours as President Donald Trump suggested in a social media post that the U.S. might assassinate Iran’s supreme leader Ayatollah Ali Khamenei, accelerating already inflamed tensions in the Middle East.
The largest cryptocurrency by market capitalization was recently trading just above $105,000. BTC fell to $103,630, its lowest level since June 6, at one point earlier in the day, according to market data provider CoinGecko. Bitcoin started edging down last Thursday as Iran and Israel began exchanging missile attacks.
In a text to Decrypt, Mike Cahill, co-founder and CEO of blockchain infrastructure firm Douro Labs, noted a widespread drop of risk-on assets, including major equity indexes, amid the growing conflict that re-escalated last Thursday.
“This is classic volatility due to rising geopolitical pressures,” Cahill wrote. “However, Bitcoin dominance still remains high, showing us that even during these uncertain times, digital assets provide an alternative vehicle for investors.”
Ethereum was recently changing hands at about $2,533, down nearly 4.5% over the past 24 hours. Smart contract platforms Solana and Cardano and leading meme coin Dogecoin had all dropped about 5%.
In his tweet, Trump said that U.S. forces knew Khameni’s hiding place. “He is an easy target, but is safe there–We are not going to take him out (kill!), at least not for now,” he wrote, demanding Iran’s “UNCONDITIONAL SURRENDER!” in a subsequent post.
The tech-focused Nasdaq and S&P 500, which possesses a hefty technology component, were both down about .7%.
Strahinja Savic, head of data and analytics at crypto merchant bank FRNT Financial, noted investors’ “risk aversion when there’s this level of uncertainty,” although he added to Decrypt that the current reaction was spurred more by short-term investors’ concerns.
“That would that give some credence to the view that this safe-haven thesis for Bitcoin has gained legitimacy over the past year,” he wrote. “It’s shorter-term sellers who are looking to manage risk, get money off of the table, and just go into cash. That’s why we see this dip, and and then for the long-term holders, for ardent Bitcoiners, this is just another reason to hold Bitcoin.”
Editor’s note: This story will be updated with additional details.
Edited by Andrew Hayward
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