Attack on central Israel injures 11 as Iran's leader promises a punishing response

JERUSALEM (AP) — An attack on a central Israeli town early Saturday injured 11 people as Iran's supreme leader vowed a punishing response to Israel's attack last week and Israeli airstrikes continued in Gaza and Lebanon.

The predawn strike on Tira was one of several barrages fired from Lebanon. Many of the projectiles were intercepted by Israeli air defenses as air raid sirens rang out in parts of the country throughout the day, while others landed in unpopulated areas.

The Magen David Adom emergency service said 11 people were hurt by shrapnel and glass shards in a direct strike on a building in Tira, a predominantly Israeli Arab town. Footage showed significant damage to the roof and top floor of the three-story building and cars below.

Lebanon’s Iran-backed Hezbollah group said Saturday that it had used missiles and explosive drones to target military and intelligence facilities in northern and central Israel.

It claimed responsibility for firing missiles toward the Israeli military’s Unit 8200 base in Glilot, on the edge of Tel Aviv, and for firing rockets toward military facilities in Zvulun. Hezbollah also said it had targeted central Israel's Palmachim Air Base with explosive drones, saying they “scored precise hits on targets."

Israel's military did not confirm whether any of the three Hezbollah targets had been hit and said it had no comment on the group's claims.

Hezbollah said the Saturday dawn missile attack directed at Glilot was in retaliation for the “massacres” that are being committed by Israel. Tira, is about 20 kilometers (12.5 miles) from Glilot.

Tamar Abdel Hai, a resident of Tira, said that the attack was frightening. “I call upon all the leaders in the Arab world and the leaders in Israel and to everyone who can help to end this war. It’s enough,” he said.

Hezbollah also said that its fighters fired salvos of rockets into northern Israeli towns including Dalton, Yesud HaMa’ala and Bar Yohai.

Israeli media showed images of damage reportedly caused by a drone that hit a factory north of Nahariya. The army said several drones crossed from Lebanon into Israel, one was intercepted but “fallen targets were identified in the area.”

Meanwhile, an Israeli airstrike on a southern suburb of Beirut on Saturday afternoon killed one person and wounded 15 others, the Lebanese Health Ministry said. Israeli planes resumed strikes on the southern suburb of Dahiyeh overnight Friday, following a four-day lull in the capital.

In a separate incident, a Lebanese ship captain was seized by armed men who landed on the coast of Batroun, north of Beirut, Lebanese authorities said.

The Israeli military later confirmed it had captured the man, which it described as a senior Hezbollah operative in north Lebanon. It did not name the detainee and said he was being investigated on Israeli territory.

The early Saturday attacks may be only a precursor to a more severe strike against Israel.

Ayatollah Ali Khamenei, Iran’s supreme leader, on Saturday threatened Israel and the U.S. with a punishing response over attacks on Iran and its allies following Israel's Oct. 26 airstrikes that targeted Iran's military bases and other locations.

“The enemies, whether the Zionist regime or the United States of America, will definitely receive a crushing response to what they are doing to Iran and the Iranian nation and to the resistance front,” Khamenei said in a video released by Iranian state media.

A further attack by Iran, which has already launched two direct attacks against Israel this year, could push the wider Middle East closer to a broader conflict. Israel is already battling the Iran-backed militant group Hamas in the Gaza Strip and Hezbollah in Lebanon.

The fight against Hezbollah has weakened the group but has also taken a heavy toll on southern Lebanon and other parts of the country.

On Friday, Israel launched dozens of intense airstrikes across Lebanon’s northeastern farming villages, killing at least 52 people and wounding scores more, the Lebanese Health Ministry reported.

Since the conflict between Israel and Hezbollah erupted in 2023, more than 2,897 people have been killed and 13,150 wounded in Lebanon, according to a Health Ministry update early Friday. United Nations agencies estimate that Israel’s ground invasion and bombardment of Lebanon has displaced 1.4 million people.

Residents of Israel’s northern communities near Lebanon, roughly 60,000 people, have also been displaced for more than a year.

In recent weeks, Israel has also stepped up its offensive against Hamas’ remaining fighters in Gaza, raising concerns about humanitarian conditions for civilians still there.

A series of Israeli strikes on Nuseirat, a refugee camp in central Gaza, killed at least 42 people, more than half of them women and children, in 24 hours, Dr. Marwan Abu Naser, director of Al-Awda Hospital that received the casualties, told The Associated Press. A further 150 were wounded, he said.

Later on Saturday, an Israeli airstrike on a street in the nearby Bureij refugee camp killed at least six people, medical officials said. The dead were taken to al-Aqsa Martyrs hospital in the nearby city of Deir al-Balah and counted by AP journalists there.

Separately, the Israeli military said that two of its soldiers were killed in southern Gaza.

Egypt’s state-owned Al-Qahera News TV reported Saturday that Hamas has rejected a partial cease-fire deal in Gaza fearing that Israel will resume its operations in the enclave even after hostages are released. The TV channel has close ties to the Egyptian intelligence service and Egypt has been a key mediator throughout the yearlong conflict.

Hours later, senior Hamas official Izzat al-Rishq criticized the temporary cease-fire proposal describing it as “just a smoke screen.” Hamas has continually called for a complete end to the conflict and a full withdrawal of Israeli forces from Gaza as a condition for any cease-fire deal with Israel.

Meanwhile, The World Health Organization began a scaled-down polio vaccination campaign on Saturday, giving second doses to at-risk children only in Gaza City after providing first doses in multiple parts of northern Gaza, which has seen intense Israeli bombardment.

Israel’s war in Gaza has killed more than 43,000 Palestinians since Oct. 7, 2023, when Hamas militants killed roughly 1,200 people in Israel and took some 250 hostages back to Gaza. Health officials inside Hamas-run Gaza do not distinguish between civilians and combatants, but say more than half of the dead in the enclave are women and children.

Magdy reported from Cairo. Associated Press journalists Bassem Mroue in Beirut, Natalie Melzer in Tel Aviv, Israel, and Shlomo Mor in Tira, Israel, contributed to this report.

Follow AP’s war coverage at https://apnews.com/hub/israel-hamas-war

Palestinians gather to receive bags of flour distributed by UNRWA, the U.N. agency helping Palestinian refugees, in Deir al Balah, central Gaza Strip, Saturday, Nov. 2, 2024. (AP Photo/Abdel Kareem Hana)

Palestinians gather to receive bags of flour distributed by UNRWA, the U.N. agency helping Palestinian refugees, in Deir al Balah, central Gaza Strip, Saturday, Nov. 2, 2024. (AP Photo/Abdel Kareem Hana)

Palestinians gather to receive bags of flour distributed by UNRWA, the U.N. agency helping Palestinian refugees, in Deir al Balah, central Gaza Strip, Saturday, Nov. 2, 2024. (AP Photo/Abdel Kareem Hana)

A man surveys damage to his car after projectiles fired from Lebanon hit a home in Tira, central Israel, Saturday, Nov. 2, 2024. (AP Photo/Ariel Schalit)

A man surveys a damaged room after projectiles fired from Lebanon hit a home in Tira, central Israel, Saturday, Nov. 2, 2024. (AP Photo/Ariel Schalit)

A view of a damaged home after projectiles fired from Lebanon in Tira, central Israel, Saturday, Nov. 2, 2024. (AP Photo/Ariel Schalit)

Israeli police men work at the site where projectiles fired from Lebanon hit a home in Tira, central Israel, Saturday, Nov. 2, 2024. (AP Photo/Ariel Schalit)

Israeli police men work at the site where projectiles fired from Lebanon hit a home in Tira, central Israel, Saturday, Nov. 2, 2024. (AP Photo/Ariel Schalit)

A man looks at damaged building after projectiles fired from Lebanon hit a home in Tira, central Israel, Saturday, Nov. 2, 2024. (AP Photo/Ariel Schalit)

NEW YORK (AP) — Bitcoin topped $100,000 for the first time as a massive rally in the world's most popular cryptocurrency, largely accelerated by the election of Donald Trump, rolls on.

The cryptocurrency officially to rose six figures Wednesday night, just hours after the president-elect said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair of the Securities and Exchange Commission.

Bitcoin has soared since Trump won the U.S. presidential election on Nov. 5. The asset climbed from $69,374 on Election Day, hitting as high as $103,713 Wednesday, according to CoinDesk. And the latest all-time high arrives just two years after bitcoin dropped below $17,000 following the collapse of crypto exchange FTX.

Bitcoin fell below $102,000 by midday Thursday, but its price is still up nearly 7% over the last day. Even amid a massive rally that has more than doubled the value of bitcoin this year, some experts continue to warn of investment risks around the asset, which has quite a volatile history.

Here’s what you need to know.

Cryptocurrency has been around for a while now. But chances are you’ve heard about it more and more over the last few years.

In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority — meaning it’s typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain.

Bitcoin is the largest and oldest cryptocurrency, although other assets like ethereum, XRP, tether and dogecoin have also gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money, but the large majority of daily financial transactions are still conducted using fiat currencies such as the dollar. Also, bitcoin can be very volatile, with its price reliant on larger market conditions.

A lot of the recent action has to do with the outcome of the U.S. presidential election.

Trump, who was once a crypto skeptic, has pledged to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

On Thursday morning, hours after bitcoin surpassed the $100,000 mark, Trump congratulated “BITCOINERS” on his social media platform Truth Social. He also appeared to take credit for the recent rally, writing, “YOU’RE WELCOME!!!”

Top crypto players welcomed Trump’s election victory last month, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for — which, generally speaking, aim for an increased sense of legitimacy without too much red tape.

Trump made a move in that direction Wednesday when he said he intends to nominate Atkins to chair the SEC. Atkins was an SEC commissioner during the presidency of George W. Bush. In the years since leaving the agency, Atkins has made the case against too much market regulation. He joined the Token Alliance, a cryptocurrency advocacy organization, in 2017.

Under current chair Gary Gensler, who will step down when Trump takes office, the SEC has cracked down on the crypto industry — penalizing a number of companies for violating securities laws. Gensler has also faced ample criticism from industry players in the process.

One crypto-friendly move the SEC did make under Gensler was the approval in January of spot bitcoin ETFs, or exchange trade funds, which allow investors to have a stake in bitcoin without directly buying it. The spot ETFs were the dominant driver of bitcoin's price before Trump's win — but, like much of the crypto’s recent momentum, saw record inflows postelection.

Bitcoin surpassing the coveted $100,000 mark has left much of the crypto world buzzing.

“What we’re seeing isn’t just a rally — it’s a fundamental transformation of bitcoin’s place in the financial system,” Nathan McCauley, CEO and co-founder of crypto custodian Anchorage Digital, said in a statement — while pointing to the growth of who's entering the market, particularly with rising institutional adoption.

Still, others note that the new heights of bitcoin's price don't necessarily mean the asset is going mainstream. The $100,000 level is “merely a psychological factor and ultimately just a number,” Dan Coatsworth, investment analyst at British investment company AJ Bell, wrote in a Thursday commentary.

That being said, bitcoin could keep climbing to more and more all-time highs — particularly if Trump makes good on his promises for more crypto-friendly regulation once in office. If Trump actually makes a bitcoin reserve, for example, supply changes could also propel the price forward.

Still, as with everything in the volatile cryptoverse, the future is never promised. Worldwide regulatory uncertainties and environmental concerns around bitcoin “mining" — the creation of new bitcoin, which consumes a lot of energy — are among factors that analysts like Coatsworth note could hamper future growth. And, as still a relatively-young asset with a history of volatility, longer-term adoption has yet to be seen through.

Today's excitement around bitcoin may make many who aren't already in the space want to get in on the action, but experts continue to stress caution around crypto “FOMO," or the fear of missing out, especially for small-pocketed investors.

“A lot of people have got rich from the cryptocurrency soaring in value this year, but this high-risk asset isn’t suitable for everyone,” Coatsworth noted Thursday. “It’s volatile, unpredictable and is driven by speculation, none of which makes for a sleep-at-night investment.”

In short, history shows you can lose money in crypto as quickly as you’ve made it. Long-term price behavior relies on larger market conditions. Trading continues at all hours, every day.

Coatsworth points to recent research from the Bank for International Settlements, a Switzerland-based global organization of central banks, which found that about three-quarters of retail buyers on crypto exchange apps likely lost money on their bitcoin investments between 2015 and 2022.

At the start of the COVID-19 pandemic, bitcoin stood at just over $5,000. Its price climbed to nearly $69,000 by November 2021, during high demand for technology assets, but later crashed during an aggressive series of rate hikes by the Federal Reserve. And the late-2022 collapse of FTX significantly undermined confidence in crypto overall, with bitcoin falling below $17,000.

Investors began returning in large numbers as inflation started to cool — and gains skyrocketed on the anticipation and then early success of spot ETFs, and again, now the post-election frenzy. But lighter regulation from the coming Trump administration could also mean less guardrails.

“I would say, keep it simple. And don’t take on more risk than you can afford to,” Adam Morgan McCarthy, a research analyst at Kaiko, previously told The Associated Press — adding that there isn’t a “magic eight ball” to know for certain what comes next.

This story has been corrected to refer to Anchorage Digital as a crypto custodian, not a crypto asset manager.

FILE - Republican presidential nominee former President Donald Trump speaks at the Bitcoin 2024 Conference July 27, 2024, in Nashville, Tenn. (AP Photo/Mark Humphrey, File)

FILE - Bitcoin logos are displayed at the Inside Bitcoins conference and trade show on April 7, 2014, in New York. Bitcoin has topped the $100,000 mark. (AP Photo/Mark Lennihan, File)

FILE - Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference Saturday, July 27, 2024, in Nashville, Tenn. (AP Photo/Mark Humphrey, File)

FILE - Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference Saturday, July 27, 2024, in Nashville, Tenn. (AP Photo/Mark Humphrey, File)