Bitcoin Back Above $62K as Crypto Market Calms After Reports of Limited Damage From Israeli Attack

Gold surged after Iran's initial attack on Israel drove down cryptocurrencies and riskier assets.

    If the market turbulence persists, $55,000 is the next barrier for bitcoin, an analyst has indicated.

    PAXG's tokenized gold is up 3%.

After the market rallied following reports of just minor damage from an Israeli strike on Iranian military facilities, Bitcoin (BTC) surged back above $62,000.

Israel's retaliation assault against Iran was initially reported by ABC News on Friday morning. According to local media, which CNN cited, missiles have struck several military bases and airfields across the nation. According to Al Jazeera, Iranian officials are downplaying the attack's significance and insisting it was just a small-scale drone operation.

Data from CoinDesk Indices indicates that ether (ETH) also made a small recovery, but it was still trading below $3000. Market data shows that PAXG, a tokenized version of gold managed by Paxos, is up over 3%.

If market turbulence persists, March Zheng, a managing partner at Bizantine Capital, stated that $55,000 is the next barrier for bitcoin.
"It would still be a good buying opportunity if there is a panic sell for bitcoin due to war-related news," Presto derivatives trader Jun-Young Heo said in a Telegram chat.

Asia's major stock indices are also declining: Taiwan's TAIEX is down 5%, Japan's Nikkei 225 is down 6.5%, and Hong Kong's Hang Seng index is down 3.5%. According to MarketWatch, U.S. stock futures declined in a similar manner as crude oil prices increased.

The attack currently seems to be lost on the market, which seems to be concentrating on the impending halving.

Semir Gabeljic, director of capital formation at Pythagoras Investments, wrote in an email interview with CoinDesk, "BTC saw high volume and retracement going from 64k to 61k a day before the expected halving event with the'sell the news' most likely being priced in at this point, showcased by a negative BTC funding rate."

"All of the recent retracements, including this one, are in line with historical halving drawdowns; the only difference and consideration is the uncertainty of the macro landscape ahead, which will create additional volatility to come," he stated.

A gauge of the performance of the most liquid digital assets, the CoinDesk 20 (CD20), is up 0.47% at 2,137.