Bitcoin dropped about 3.3% in the past 24 hours after former President Donald Trump suggested on social media that the U.S. might assassinate Iran’s supreme leader, Ayatollah Ali Khamenei, intensifying tensions in the Middle East.
The largest cryptocurrency briefly fell to $103,630, its lowest since June 6, before stabilizing above $105,000, according to CoinGecko data. The decline began last Thursday as missile exchanges escalated between Iran and Israel.
Mike Cahill, CEO of blockchain infrastructure firm Douro Labs, told Decrypt that risk assets, including major stock indexes, have broadly declined amid rising geopolitical conflict. He added, “This is classic volatility due to rising geopolitical pressures. However, Bitcoin dominance remains high, indicating digital assets still serve as alternative investments in uncertain times.”
Ethereum fell nearly 4.5% to around $2,533, while Solana, Cardano, and Dogecoin each dropped about 5%.
In his tweet, Trump claimed U.S. forces know Khamenei’s location and described him as “an easy target” but said he was “safe there” for now. He also demanded Iran’s “UNCONDITIONAL SURRENDER!”
The Nasdaq and S&P 500, both with strong tech exposure, declined roughly 0.7% amid the turmoil.
Strahinja Savic, head of data at crypto bank FRNT Financial, described the market reaction as driven by short-term investors managing risk amid uncertainty. He noted, “This dip reflects short-term sellers moving to cash, while long-term Bitcoin holders view it as another reason to hold.” He suggested the idea of Bitcoin as a safe haven has gained credibility over the past year.
Editor’s note: This story will be updated with further developments.