Bitcoin

Bitcoin Dips As Middle East Tensions Rise With Trump Warning

15 hours ago
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Bitcoin and cryptocurrency markets are dipping again as tensions in the Middle East further escalate, with US President Donald Trump leaving a summit of world leaders and posting an ominous message about Tehran.

Trump has requested that the National Security Council be prepared in the White House Situation Room as he returned early from the G7 summit in Canada on Monday, Fox News reported. 

The report comes just hours after Trump took to his social media platform, Truth Social, with a chilling message: “Everyone should immediately evacuate Tehran!”

Meanwhile, US Press Secretary Karoline Leavitt confirmed Trump arrived in Canada on Sunday for the annual G7 summit but departed early due to the escalating Israel-Iran conflict.

“Much was accomplished, but because of what’s going on in the Middle East, President Trump will be leaving tonight after dinner with Heads of State,” Leavitt wrote, according to CBS News.

“I have to be back early for obvious reasons,” Trump told reporters as he departed. 

Bitcoin price dips 

Bitcoin prices reacted immediately with a sharp 2% decline as it shed more than $2,000 over the past few hours.

Related: Bitcoin closer to equities than gold as Middle East war deepens

Bitcoin had earlier strengthened to an intraday high of $108,780, but the latest news sent it back to $106,421 before a minor recovery. 

Bitcoin remains within a range-bound channel that formed in early May when it reclaimed six figures again and has remained above $100,000 ever since. 

BTC price dips in reaction to escalating tensions. Source: Tradingview

Greater losses for altcoins 

Ethereum’s (ETH) dip was even greater, with the asset dropping almost 4.8% in a matter of hours in a fall to support just above $2,500.

Meanwhile, the rest of the high-cap altcoins saw losses between 5% and 6% as volatility returned to markets. 

Total capitalization declined by around $80 billion, with $400 million in leveraged positions liquidated, according to CoinGlass. 

Escalating tensions, evacuations urged

Evacuation warnings have been issued by the Chinese embassy in Israel, which urged citizens to leave the country via land border crossings as soon as possible, according to Reuters. 

“At present, the Israeli-Iranian conflict continues to escalate, with civilian facilities damaged and civilian casualties increasing, making the security situation even more severe,” the embassy stated on WeChat.

Meanwhile, the Russian embassy has also urged its citizens to leave. “All Russian citizens who are in Israel should leave the country until the situation normalizes,” Ambassador Anatoly Viktorov told state media on Monday.

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