The United States entering a war between Israel and Iran could impact the cryptocurrency market in multiple ways. Here are some potential risks ¹:

- *Increased Volatility*: War will heighten instability in financial markets, potentially leading to significant fluctuations in cryptocurrency prices.

- *Flight to Safe Havens*: In times of crisis, some investors turn to cryptocurrencies as a safe haven, which may lead to increased demand and higher prices.

- *Impact of Sanctions and Financial Surveillance*: The war may lead to new American and Western sanctions, which could drive some parties to resort to cryptocurrencies as a means of financing or circumventing restrictions.

- *Decreased Risk Appetite*: Traditional investors may temporarily shy away from high-risk assets like cryptocurrencies, leading to short-term sell-offs.

- *Impact on Bitcoin and Ethereum*: Major cryptocurrency prices, particularly Bitcoin, are expected to rise as a hedge against crises if the war persists or expands regionally.

It is important to note that these risks depend on the developments of the war and the stability of global markets in the face of this geopolitical storm.