Bitcoin Drops Below $64K Amid US-Israel Strikes on Iran

Bitcoin's price fell below the $64,000 mark over the weekend after the United States and Israel launched strikes targeting Iran, causing a broad risk-off sentiment across global markets, according to a Bloomberg report. Bitcoin declined by 3.8% to $63,038, while Ethereum, the second-largest digital asset by market capitalization, slid 4.5% to $1,835.

This selloff resulted in approximately $128 billion being wiped off the total market value of digital assets, as reported by Coingecko. The decline in Bitcoin's value extends a month-long downturn that began in October, during which approximately $19 billion in leveraged positions were liquidated.

Market analysts noted that Bitcoin often acts as a pressure valve during significant geopolitical and macroeconomic events outside traditional trading hours. Following the strikes, Bitcoin later pared some of its losses, with market reactions not being as severe as anticipated, partly due to excess leverage already being cleared from the system amid ongoing military actions.