Crypto Markets Drop Amid Escalating Middle East Tensions
Crypto markets took a hit this weekend as tensions in the Middle East escalated. The global market cap fell by 4% to $2.76 trillion, while oil, bond, and equity markets remained closed due to the weekend.
The Houthi forces struck the Saudi capital Riyadh on Saturday, with black smoke rising near the King Khalid International Airport. Reuters photographed the scene after the attack. The Saudi-led coalition said its air defences destroyed a missile fired toward Riyadh early on Saturday.
The State Department's Bureau of Consular Affairs warned Americans across the region to exercise heightened vigilance and advised against travel due to the potential for flight cancellations, airspace closures, and disruptions. The warning noted that Iranian-supported Houthis have attacked Saudi Arabia, including civilian airports, and may target US interests and businesses overseas.
Crypto markets reflected this uncertainty with Bitcoin (BTC) trading near $80,354, down 0.9% over 24 hours yet still up 3.9% on the week. Ethereum (ETH) slipped 1.29% to $2,586.72. Smaller assets like Solana (SOL) and Zcash (ZEC) fell further.