Bitcoin Hits Six-Week Low on US-Iran Tensions
Bitcoin fell to a six-week low as fresh military strikes between the U.S. and Iran dampened risk appetite.
U.S. forces conducted new strikes against Iran on Wednesday after Tehran launched drones at commercial ships in the Strait of Hormuz. President Trump said he won't be rushed into a peace deal and dismissed an Iranian state TV report of an agreement to restore shipping through the strait.
Bitcoin dropped 2.8% to as low as $72,667, according to LSEG data. The decline highlights how geopolitical tensions can impact cryptocurrency markets.
Why Did Markets React?
Escalating tensions in the Middle East drove investors toward safe-haven assets, leading to a sell-off in riskier assets like Bitcoin. Analysts note that such geopolitical events can negatively affect crypto prices in the short term.
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