Bitcoin Falls Below $73K as US-Iran Strikes Rattle Markets
Bitcoin dropped below $73,000 to a six-week low after US strikes in Iran and retaliatory attacks by Iran's Revolutionary Guards rattled global markets, pushing oil higher.
Bitcoin fell below $73,000 on Thursday, hitting its lowest level since April 13, as escalating military conflict between the United States and Iran rattled global financial markets.
The selloff followed U.S. strikes in southern Iran, with Iran's Revolutionary Guards retaliating by targeting the American base that launched the attacks. Kuwait, which hosts five U.S. bases, reported intercepting hostile drones and missiles. The escalation dimmed hopes for a permanent ceasefire, pushing oil prices higher and fueling a broad risk-off move across asset classes.
For cryptocurrency traders, the geopolitical shock triggered a flight from risk assets, with bitcoin dropping over 3% on the day. The move underscores bitcoin's correlation with traditional risk markets during periods of acute uncertainty, despite its long-term narrative as a hedge. NowPrice real-time data shows bitcoin trading near $72,800, with selling pressure concentrated on major exchanges. The broader crypto market also felt the heat, with altcoins posting steeper losses.
Looking ahead, traders will watch for further military developments and any diplomatic off-ramps. The U.S. dollar index and Treasury yields will be key gauges of risk sentiment. On the crypto side, bitcoin's ability to hold above the $70,000 support zone will be critical; a break below could open the door to a test of $68,000. The coming days will also see the release of U.S. PCE inflation data, which could influence Federal Reserve policy expectations and add another layer of volatility.