New York, USA – Bitcoin fell below the $64,000 mark over the weekend after the United States and Israel launched strikes on targets across Iran, triggering a broad risk-off move across global markets that erased roughly $128 billion from the total value of digital assets.
Okay News reports that Bitcoin declined by as much as 3.8 percent to $63,038, while Ether, the second-largest digital asset by market capitalisation, slid 4.5 percent to $1,835, according to data from CoinGecko. The selloff followed reports of multiple large explosions in Tehran on Saturday, escalating geopolitical tensions in the Middle East and prompting investors to cut exposure to riskier assets, including cryptocurrencies.
Market analysts say Bitcoin often acts as a pressure valve during major geopolitical or macroeconomic events that occur outside traditional trading hours. Justin d’Anethan, head of research at Arctic Digital, noted that the initial market reaction was not as severe as some investors had anticipated, partly because much of the excessive leverage had already been cleared from the system following a months-long downturn that began in October.
The latest losses extend a selloff that began when approximately $19 billion in leveraged positions were liquidated shortly after Bitcoin peaked above $126,000 in October. Bitcoin has since fallen around 50 percent from that all-time high. Ether has also struggled, with its price declining significantly amid the broader market weakness.
Amid the unfolding military action, US President Donald Trump addressed Iranians in a video posted on Truth Social, urging citizens to take control of their government once the campaign concludes. The United States and Israel launched a wave of strikes against targets in Iranian cities on Saturday, with explosions reported in multiple locations including the capital, Tehran. Hours later, Iran launched retaliatory missile strikes against American military installations across the Middle East.
Saturday’s geopolitical shock compounds an already fragile crypto market that has been unable to latch on to rallies in gold and other safe-haven assets. The reaction materialised through a sharp increase in selling pressure on Bitcoin derivatives, where within a single hour on Saturday morning, sell volume surged by approximately $1.8 billion, reflecting clear seller dominance and rising short-term risk aversion. This crypto selloff highlights the asset class’s sensitivity to geopolitical shocks. Sustained volatility could deepen the crypto selloff if tensions escalate further.
