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. 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. Mitchell Nixon, CRO at Imperial Wealth, pointed out that the current Bitcoin decline mirrors past drops in April and July. Both were triggered by rising tensions in the Middle East, prompting a sell-off in crypto assets.
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