Bitcoin fell to $66,000 during Asian trading on Monday, as the escalating US-Israeli conflict with Iran triggered a widespread risk aversion in global markets.
The world's largest cryptocurrency was trading down 2.1% at $66,197.6 by 9:15 AM Moscow time.
Bitcoin Falls After US-Israeli Strike on Iran
Bitcoin fell sharply over the weekend after joint US-Israeli military strikes on Iran, including the reported assassination of Supreme Leader Ayatollah Ali Khamenei, triggered one of the most serious escalations in the region in recent years.
Bitcoin fell to around $63,000 over the weekend following the initial attacks before stabilizing slightly.
US President Donald Trump said the strikes would continue as long as necessary to achieve their goals, signaling continued military pressure.
Iran responded with several waves of missile attacks targeting Israeli and US military targets, while tensions spread, disrupting financial markets and shipping routes.
Oil prices jumped more than 7% as concerns about supply disruptions in the Strait of Hormuz intensified. Gold prices rose about 2%, reaching multi-week highs, as traders sought safety amid growing geopolitical risks.
US stock futures fell during Asian trading hours, pointing to a weaker opening for Wall Street, while major Asian stock indexes declined early Monday.
Bitcoin's recent performance continues to reflect its growing correlation with traditional risk assets, rather than acting as a safe haven.
How the market plays out this week will largely depend on whether geopolitical tensions continue to escalate or show signs of de-escalation.
Most Altcoins Declined; Cardano Plunged 5%
Most altcoins posted larger losses than Bitcoin as investors shied away from risky assets.
The world's second-largest cryptocurrency, Ethereum, lost 2.2%, falling to $1,963.92.
The world's third-largest cryptocurrency, XRP, fell 2.4% to $1.37.
Solana fell 2.4%, while Cardano fell 5% and Polygon fell 2%.
Among meme tokens, Dogecoin fell 4%.