Bitcoin Drops 10% Below $100,000 Amid Iran Tensions

Bitcoin's price experienced a significant decline on Monday, falling below $100,000 during midday U.S. hours. This drop came after an overnight bounce, as news reports surfaced indicating that Iran was preparing to retaliate against U.S. bases in the Middle East. The cryptocurrency market reacted swiftly to the geopolitical tensions, with other major cryptocurrencies also erasing their gains. Ethereum's ether fell below $2,200, while XRP plummeted back below the $2 level.

The White House is reportedly expecting an Iranian attack against U.S. bases in the Gulf region. This anticipation follows the U.S. military's recent bombardment of three Iranian nuclear sites over the weekend. The situation has escalated tensions, with the president reportedly set to meet with his national security team to discuss the impending threat. The cryptocurrency market's sensitivity to geopolitical events was evident as investors reacted to the potential for further conflict in the region.

The decline in bitcoin's price below $100,000 highlights the cryptocurrency's volatility and its correlation with global events. As geopolitical tensions rise, investors often seek safer assets, leading to a sell-off in riskier investments like cryptocurrencies. The situation in the Middle East, with the potential for further military action, has created an atmosphere of uncertainty, impacting the cryptocurrency market's stability. The White House's preparation for a possible Iranian attack adds to the market's jitters, as investors brace for potential disruptions in the global economy.