The price of Bitcoin (BTC) fell back below $60K on Friday following reports of explosions occurring close to the airport in Isfahan, a city in Iran.

The report comes from the semi-official FARS news agency in Iran, citing local sources. Multiple flights began diverting their routes around Western Iranian airspace early Friday morning. The state-run IRNA news agency later reported that air defense batteries had fired across several provinces early Friday morning. The agency and locals acknowledged hearing “loud noise” in the area. While the cause of the explosion is still unknown, it follows Iran’s missile and drone attack on Israel last weekend, made as retaliation for Israel’s strike on Damascus that killed seven Iranian officers. Isfahan houses a major airbase for Iran’s military, alongside sites connected to its nuclear program. Following the news, Bitcoin’s price plummeted back to $59,700 despite briefly recovering above $63,500 a day prior. It trades for $60,180 at writing time. Meanwhile, Ethereum (ETH) experienced a steeper drop of over 4% to just $2,885.

According to Coinglass, over $245 million of liquidations have occurred across the crypto market in the last 24 hours.

Bitcoin / USD. Source: TradingView