The attacks had immediate impact on crypto prices, with many assets tumbling before staging modest recoveries.
As it happened with a few other global situations in the past several months, a group of suspected insiders seemingly knew what was going to transpire and profited substantially.
Recall that Israel and the US carried out organized strikes against Iran on Saturday, and Bubblemaps outlined that a group of wallets made a total of $1.2 million betting on these developments hours before they happened.
Given the precision in their actions – funding the wallets in the past 24 hours before the events unfolded, choosing specifically February 28, and betting on “yes” shortly ahead of the strikes, the likely conclusion is that they had inside knowledge of what took place in the Middle East on Saturday morning.
Recall that at first reports emerged that Israel had initiated strikes against Iran, and then ordered a state of emergency within its borders, expecting retaliation. Then, US President Donald Trump confirmed that his country was also involved.
The POTUS doubled down in the following hours, categorizing the attacks as a “major combat operation.” It’s worth noting that Iran indeed retaliated by counter-attacking several US allies, such as Kuwait, the UAE, Qatar, and Bahrain.
The initial attacks from the morning harmed the cryptocurrency markets immediately. Bitcoin dumped from $66,000 to $63,000 in minutes, while most altcoins followed suit with 2-4% declines in less than an hour.
Nevertheless, BTC has recovered some ground since then and currently trades close to $65,000. ETH is down to $1,900, while BNB and XRP continue their fight for fourth place in terms of market cap.
