Iran just sent drones at Israel, currently en route, so multiple countries in the region are closing airspace, announcing states of emergency, preparing airspace defense systems, etc.

Most financial markets are closed, so crypto is basically the only place with liquidity for the market to express its view on whether this will result in serious damage and geopolitical escalation.

Bitcoin sharply down from $66k to $62k on the headlines, most other cryptos down more. Paxos Gold (a gold-backed stablecoin) had a huge spike from $2400 to $3000 but it is coming down now. Leveraged liquidations can distort the initial magnitude here.

Sad day; hopefully calmer minds prevail and de-escalate.