Bitcoin, crypto down 4% as Israel-Iran conflict escalates 

Cryptocurrency markets crashed on October 1 amid the geopolitical conflict between Israel and Iran in the Middle East.

The top 10 cryptocurrencies by market cap, including Bitcoin (BTC), tumbled as Iran fired hundreds of missiles at Israel, shaking already fragile market confidence. The attack led to a sell-off of over 4% in crypto market value. Bitcoin fell 3.9% to below $61,200 after rising to $65,000 last week.

Ethereum (ETH), (BNB) and Solana (SOL) fell between 6-7%. Stablecoins such as Tether (USDT) and Circle USD Coin (USDC) lost some value but remain at $0.99.

News of ballistic missile attacks amid the ongoing unrest in the Middle East has also shaken the crypto mining industry. At one point, shares of Bitcoin miner Marathon Digital fell nearly 9%, according to Yahoo Finance, and fellow BTC mining company CleanSpark also saw a 6% decline in its share price.

Tyr Capital CIO: Bitcoin best bet amid Middle East conflict

As turmoil threatens global economies and liquidity flees markets, Tyr Capital CIO Ed Hindi says Bitcoin is the best bet for investors looking to preserve their wealth. Hindi explained that geopolitical uncertainty in the Middle East will only further legitimize Bitcoin’s value proposition and attract more investors to the crypto ecosystem.

Bitcoin is often considered an inflation hedge or digital gold and has outperformed the S&P 500 in recent years, according to MicroStrategy executive chairman Michael Saylor.

In Hindi’s words, Bitcoin is one of the most important assets to consider in the event of a widening crisis in the Middle East and Europe.

Investors and consumers are slowly waking up to the fact that the world has entered a period of extreme instability. Allocating your portfolio entirely to the traditional financial system is now a risky one-sided bet. Ongoing wars and tensions in Europe, the Middle East and Asia are damaging consumers’ trust and blind faith in their own governments.

Ed Hindi, CIO of Tyr Capital