Bitcoin and other cryptos rebound, but remain lower after Iran attacks Israel

Cryptocurrencies were clawing back some territory on Sunday, the day after a selloff following Iran’s missile and drone attack on Israel.

Bitcoin BTCUSD, +3.68%, which skidded 7% to just over $61,000 on Saturday, was flat at $64,771, though still well under levels seen above $71,000 on Friday. Ethereum ETHUSD, +5.58% was up 1.6% at $2,960, but also off the $3,500 level seen on Friday.

The reaction on Saturday was dramatic for cryptocurrencies, which served as possible gauge of market sentiment as traditional instruments were not available for trading. Website CoinMarketCap said the global crypto market tumbled 9% on Saturday as news broke of Iran’s attack.

In a post on X, Balaji Srinivasan Former chief technology officer of Coinbase and co-founder of Earn.com, highlighted how financial markets may be breathing some relief over signals that Iran’s campaign may be short-lived.