Farcaster

Bitcoin dropped to around $60,000 Wednesday following Iran’s missile strikes on Israel. The strikes were in retaliation for Israel’s killing of militant leaders and its aggression in Lebanon against Hezbollah.

Concerns about a broader regional war involving Iran and the US have grown as Israel escalates its assault on Lebanon.

Bitcoin fell by 3.1% to around $61,616 on the day, and has dropped 4.4% over the past week. This decline is mainly due to growing uncertainty and increased risk aversion in financial markets, driven by geopolitical tensions.

As a result, investors tend to sell off riskier assets like cryptocurrencies, directly impacting Bitcoin’s price.