The cryptocurrency market has registered a massive reaction to the escalating tensions in the Middle East. Bitcoin (BTC), the king coin, has lost nearly 8% of its value within a few minutes, while other cryptocurrencies have registered a loss exceeding that. The great crypto plunge follows news of Iran’s official attack on Israel, confirmed by Israeli authorities.

According to CoinMarketCap, at press time, Bitcoin (BTC) was trading at $62,049 with a market cap of over $1 trillion. The coin has registered a downtrend of 7.51% in the past hour, while its past-day trend shows a similar pattern.

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Priya is a freelance cryptocurrency writer at AMBCrypto. A student in business administration, Priya focuses on the latest developments in the cryptocurrency and blockchain technology space.