Today, Israel initiated a preemptive strike on Tehran, escalating tensions significantly. This move led to a declaration of a state of emergency and triggered a sharp downturn in the cryptocurrency market. Over the last 24 hours, total liquidations reached $1.15 billion, and the overall market cap fell by 6.6%.

According to CNN reports, Israel's attacks were aimed at Iran's nuclear infrastructure and missile capabilities, impacting numerous sites. The operation reportedly resulted in the deaths of Iran's top military leaders and senior nuclear scientists. It was confirmed that General Hossein Salami, the leader of Iran's Islamic Revolutionary Guard Corps (IRGC), was killed.

In anticipation of possible retaliation, Israel has declared a state of emergency, closing educational institutions, prohibiting public gatherings, and mobilizing tens of thousands of soldiers.

Iran, in response to the attacks, is planning a severe counteraction. General Vahidi, the former head of the Quds Force, has been appointed as the new commander of the IRGC. Admiral Habibollah Sayyari has taken over as the acting Commander-in-Chief of the Islamic Republic of Iran's Armed Forces following the death of General Bagheri.

The heightened tension between these two countries has caused considerable instability in financial markets. Futures contracts for the Dow Jones Industrial Average fell by 1.3%, S&P 500 futures dropped by 1.4%, and Nasdaq 100 futures plummeted by 1.6%.

Simultaneously, the cryptocurrency market was also affected. Earlier on Thursday, BeInCrypto warned that any intensification in the Iran-Israel conflict could negatively affect the crypto market due to fear, uncertainty, and doubt (FUD). This prediction proved accurate, as the latest data indicated a 6.6% decline in the crypto market.

The majority of the top ten cryptocurrencies experienced losses over the previous day. Bitcoin (BTC) dropped from above $108,000 to $104,112. Altcoins endured the most significant losses. Solana (SOL) shed nearly 10% in the past day, while Ethereum (ETH) decreased by 9.3%. Among the top 100 coins, Fartcoin (FARTCOIN) and Ethena (ENA) recorded substantial declines of 17.3% and 15.9%, respectively.

These drops forced 247,769 traders to close their positions within the last 24 hours. According to Coinglass statistics, $1.15 billion was liquidated from the crypto market. Bitcoin encountered $427.75 million in long liquidations and $19.10 million in short liquidations. Ethereum followed with $244.74 million in long liquidations and $43.57 million in short liquidations, illustrating the magnitude of market upheaval.

Conversely, the conflict boosted oil and gold prices. Crude oil surged by more than 10%. U.S. West Texas Intermediate climbed to $74.99 per barrel, representing a 10.21% increase. The global benchmark Brent advanced by 10.28% to $76.48 per barrel. Gold also increased by 1.2%, reaching $3,426.

As Iran prepares for retaliatory measures, it is evident that the repercussions will extend across various markets. During this period of volatility, Bitcoin has emerged as a key topic of discussion among analysts. Opinions remain polarized regarding its role as a \"digital gold\" amid geopolitical crises. Economist Peter Schiff highlighted that Bitcoin's price decrease contrasted sharply with gold's rise, as investors sought safer assets. Another analyst concurred, stating that Bitcoin behaves more like a tech stock rather than a safe haven.

Nevertheless, crypto supporter Anthony Pompliano expressed optimism. Citing an earlier instance when Iran fired 300 missiles at Israel, Pompliano pointed out that Bitcoin recovered to outperform both oil and gold.

Additionally, a recent report from BlackRock disclosed that although Bitcoin might underperform in the short term during geopolitical shocks, it has historically risen by double digits within 60 days after crises, surpassing gold and equities. This implies a potentially positive long-term outlook for cryptocurrencies. Nonetheless, the disagreement underscores broader doubts about Bitcoin's maturity as an asset class, juxtaposing gold's centuries-old stability against Bitcoin's relatively brief 16-year history. As markets settle, analysts will keenly observe price trends, with some anticipating Bitcoin's resurgence and others relying on gold's established reliability.

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