Tensions between Iran and Israel escalated on Saturday night after reports emerged that Iran launched attacks against Israel.

According to the Israel Defense Forces (IDF), the attacks are involving unmanned aircraft launched from Iranian territory towards Israel. The confirmation of attacks has raised concerns about the potential for a regional war.

"We are monitoring the threat in the airspace. It is a threat that takes several hours to reach the territory of the State of Israel," said IDF.

Bitcoin price fell more than 7% on the news. The price action was testing 3-week lows below $62,000. At the time of writing, Bitcoin price was down 6.4% on the day.

The recent hostilities follow heightened tensions between Iran and Israel, particularly since the start of the war in Gaza in October.

Accusations and counter-accusations have escalated, with Iran accusing Israel of an attack on its consulate in Damascus on April 1.

Investors will be following developments in this region quite closely amid the potential for further escalation and instability in the region.

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