While the past several weekends went quite calmly for Bitcoin and the entire crypto market, this time, things are significantly different.

Whether propelled by yesterday’s announcements by a few presidents of the US Federal Reserve or today’s reports of Iran preparing an attack against Israel, the reality is that BTC’s price has tumbled hard, and the altcoins have shed even more value.

This seems like the perfect opportunity for a perma-bear like Peter Schiff to open up another can of bash fest. But, keep in mind that gold’s price also dropped yesterday, when the markets were opened.

Bitcoin just flash crashed to just above $61K. That’s just 26 ounces of gold. At its peak 2.5 years ago one #Bitcoin was worth 37 ounces of #gold. That’s a decline of 30%. Digital Fool’s Gold is clearly in a bear market when priced in real gold.

— Peter Schiff (@PeterSchiff) April 13, 2024

CryptoPotato reported the market crashes from yesterday and today, which in total took Bitcoin’s price down by about ten grand. The altcoins have it even worse, with massive price declines across almost all charts.

In total, the cumulative market cap of all crypto assets has plummeted by more than $400 billion in just over 24 hours and is down to $2.350 trillion on CoinGecko after aiming at $2.8 trillion yesterday morning.

The red Friday was blamed on the US Fed as a couple of high-end officials said there are no plans to lower the interest rates anytime soon.

Today’s crash also seems to be linked to external events – this time, the rising tension between Israel and Iran.

Reports emerged a few weeks ago that Israel had killed a senior Iranian commander in an embassy annex in Damascus. Then, news came out that Iran was preparing a counter-strike, and the nation’s navy seized an Israel-linked cargo ship earlier today.

Israel’s army has been placed on full alert since yesterday, while certain activities have been called off. The country’s chief military spokesperson, Rear Admiral Daniel Hagari, warned that dozens of combat planes were airborne.

The US is also on alert after President Biden returned to the White House sooner than expected from a weekend stay in Delaware. According to the Pentagon, the US defence secretary, Lloyd Austin, is in direct communication with Israel to “discuss urgent regional threats.”