Bitcoin Bounce Fails, Tumbling Below $100K as Iran Reportedly Prepares Retaliation Against U.S.

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Cryptocurrencies gave up nearly all of their overnight bounce on during midday U.S. hours on Monday, with bitcoin BTC sliding back below $100,000 on news reports that Iran was preparing to attack U.S. bases in the Middle East.

Other major cryptos also erased gains: Ethereum’s ether ETH fell below $2,200, while XRP XRP plunged back below the $2 level.

At press time, bitcoin had returned to modestly above the $100,000 mark. The Sunday low in prices was at roughly $98,500.

Axios reported that the Trump administration was preparing for Iran to attack U.S. bases in the Gulf in retaliation for the U.S. military bombarding three Iranian nuclear sites over the weekend. The report noted the president as imminently set to meet with his national security team to discuss the threat.