ABC News first reported that Israel launched a retaliatory strike against Iran on Friday morning. Several military bases and airfields in the country were hit by missiles, CNN said, citing information from local media. However, Al Jazeera reported that Iranian officials downplayed the nature of the attack and claimed it was a limited drone strike. These limited damage reports may be one of the reasons behind the market’s rapid recovery.

The overall cryptocurrency market also reacted positively to this news. According to CoinDesk Indices data, Ether (ETH) also experienced a slight increase but still continues to trade below $3,000. PAXG, a gold-backed token managed by Paxos, gained almost 3% in value, according to market data.

But experts are still cautious. March Zheng, managing partner at Bizantine Capital, said the next threshold for Bitcoin is $55,000 if market turmoil continues. This shows investors that the cryptocurrency market is still fragile and could potentially see further declines.

However, some see these declines as a buying opportunity. “If there was a panic sell for Bitcoin due to war-related news, it would be a good buying opportunity,” Jun-Young Heo, derivatives trader at Presto, added in a Telegram message.

Global markets reacted differently. Major stock indexes in Asia fell significantly, with Hong Kong’s Hang Seng index falling 3.5%, Japan’s Nikkei 225 index falling 6.5% and Taiwan’s TAIEX index falling 5%, MarketWatch reported. U.S. stock futures similarly fell, while crude oil prices rose. In this case, we understand that investors are turning to traditional investment instruments.

However, the cryptocurrency market seems to be trying to move away from such geopolitical events by focusing on the upcoming Bitcoin halving. Halving is an event where the difficulty of Bitcoin mining approximately doubles and has historically resulted in an increase in the price of Bitcoin. “BTC saw high volume and pullback from 64,000 to 61,000 the day before the expected halving event,” Semir Gabeljic, director of capital formation at Pythagoras Investments, said in an email interview with CoinDesk. ” he wrote.

Gabeljic also emphasized that recent pullbacks are consistent with past halving declines, but the upcoming macroeconomic uncertainty may create additional volatility. Overall, the cryptocurrency market appears to have proven its resilience by recovering from an attack with limited damage. However, investors are still cautious and focused on the upcoming halving. The coming weeks will reveal whether the cryptocurrency market can maintain this momentum and how the halving will affect the Bitcoin price.