Bitcoin fell to $63,062 before rallying to $66,201 following reports of large explosions in Tehran as the United States and Israel launched strikes on Iran.
Ethereum (ETH) fell to $1,837 before rebounding to $1,940. According to data at the time of the attack, the crypto market wiped out approximately $128 billion in value immediately afterward.
Iran launched retaliatory missiles at several sites, including Israel, Qatar, the United Arab Emirates and Bahrain.
They also threatened further strikes against US-linked bases in Iraq.
The UAE Ministry of Defense managed to intercept Iranian missiles without damage or injury, although fragments fell on Abu Dhabi.
Bitcoin and Ethereum recover from intraday lows
Bitcoin (BTC) traded in a 24-hour range from $63,062 to $66,108 before settling at $66,201. The asset gains 1.12% over one hour and 1.28% over 24 hours. The intraday low of $63,062 represents a 4.6% decline from the 24-hour high.
Ethereum’s 24-hour range spanned from $1,837 to $1,946, with the current price at $1,940. The asset shows gains of 1.42% over one hour.
Both assets saw a rapid recovery after initial panic selling as markets assessed the scale of military action.
Bitcoin reclaimed the $66,000 level while Ethereum held above $1,900 after testing lower support at $1,850.
Regional missile exchanges spark risk aversion
The strikes began on Saturday with explosions reported in Tehran. US President Donald Trump has urged the Iranians to overthrow the government once the military campaign ends.
Hours after the first strikes, Iran launched missiles targeting Israel, Qatar, the United Arab Emirates and Bahrain.
The UAE Ministry of Defense has intercepted the new wave of Iranian missiles launched towards the country.
Fragments of intercepted missiles fell in several areas of Abu Dhabi, including Saadiyat Island, Khalifa Town, Bani Yas, Mohammed bin Zayed Town and Al Falah. No injuries were reported.
The ministry affirmed its readiness to face any threat and said it was taking all necessary measures to counter anything that could undermine the security and stability of the country.