preCharge News CRYPTO — The price of bitcoin fell as low as $103,000 on Friday morning — after beginning the week a stone’s throw from its record of almost $112,000 — after Israel launched a wave of airstrikes on Iran. It was last trading at about $105,000.

“The airstrikes sent oil spiking, which jolted inflation expectations and yanked rates higher, creating a chain reaction across risk assets,” said Ben Kurland, CEO at crypto research and charting platform DYOR. “Crypto, in particular, got hit because it’s highly sensitive to liquidity and macro volatility. When oil rips and yields rise, the appetite for leverage shrinks.”

“What we’re seeing though isn’t panic selling, it’s mechanical de-risking,” he added. “The big moves aren’t always about fear, they’re often about forced math.”

The flagship cryptocurrency is on pace to end the week little changed and is flat for the month. It still has held above the $100,000 level for more than 30 consecutive days.

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Associated Press, CNBC News, Fox News, and preCharge News contributed to this report.