Bitcoin and other cryptocurrencies fell sharply after the US and Israel began striking targets across Iran on Saturday, causing ripples across high-risk assets.

Bitcoin dropped as much as 3.8% to $63,038, before stablizing to trade around the $64,000 mark as of 6 a.m. in New York. Ether, the second-largest token, slid as much as 4.5% to $1,836. Roughly $128 billion in market value was erased across digital assets in the immediate aftermath of the news, according to data from CoinGecko.

Several large explosions were reported in Tehran, shortly after which US President Donald Trump urged Iranians to take over the government once the military campaign comes to an end.

“While risks of…