The cryptocurrency market experienced significant selling following an Iranian drone and missile attack on Israel.

Bitcoin dropped around 8% as the attack unfolded, hitting a low of below $62,000 before rebounding to over $64,000.

Other digital coins, like ether, also saw declines of up to 10%.

This marked the sharpest sell-off for bitcoin in over a year, despite recent price highs driven by inflows into U.S. spot bitcoin ETFs, CNBC has reported.

The attack on Israel, the first direct assault from Iranian territory, was purportedly in retaliation for a suspected Israeli strike in Syria that killed Iranian officials.

Concurrently, the Iranian currency reached a record low against the USD, while the Tel Aviv Stock Exchange’s main index dipped slightly.

Written by B.C. Begley