Dow Futures Falls, Bitcoin Price Plummets as Iran Launches Drones on Israel

News that Iran has allegedly launched drones into Israeli airspace is roiling global markets and causing the price of Bitcoin (BTC) to plummet.

Iran says it has launched dozens of drones and the Israeli military says it expects them to arrive within hours, reports the Associated Press.

News of the impending launch has caused the Dow’s implied open to fall more than 500 points so far, according to premarket data from CNBC.

And Bitcoin, the leading crypto asset, fell from a 24-hour high of $67,936 to a low of $61,514.

Since then, BTC has recovered slightly and is at $62,785 at press time, down 6.7% in the last 24 hours.

Adam Kobeissi of Carta Kobeissi says rising tensions are poised to increase inflation.

“If the markets were open right now, we would probably see oil prices close to $90 per barrel. Rising geopolitical tensions are expected to cause another rise in inflation. “Next year will be volatile.”

The AP says the attack marks the first time Iran has launched a large-scale military attack against Israel.

“Israel’s war against Hamas in the Gaza Strip has inflamed decade-long tensions in the Middle East, and any new attack threatens to turn that conflict into a broader regional war…

The United States, Israel’s main backer, has supported the country despite growing concerns about Israel’s war in Gaza, which has killed more than 33,600 Palestinians and injured more than 76,200 others. Israel’s war began after the Hamas attack on Israel on October 7, in which 1,200 people were killed and around 250 taken hostage.