Israel and the United States attack Iran, Bitcoin price drops below $64,000

On Saturday, news of Israel and the United States launching attacks on Iran caused Bitcoin’s price to fall below $64,000. This decline in the world’s leading cryptocurrency was not surprising, especially considering Bitcoin has been in a five-month-long downward trend.

What’s truly interesting is how these recent losses are changing perceptions of Bitcoin. It is shifting from being viewed as a safe-haven asset to a risk asset, with its movement resembling that of a growth stock. In the past, Bitcoin was mainly seen as a safe-haven asset because its price often moved in tandem with gold, but that is no longer the case.

Over the past few months, Bitcoin’s dynamics have completely diverged from gold. While the “yellow metal” rose due to surging demand and people seeking safe havens for their funds, Bitcoin struggled. By market value, this largest cryptocurrency has fallen more than 50% from its peak of $125,000 set in October 2025.

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Where is Bitcoin headed? Other cryptocurrencies follow suit

It’s not just Bitcoin feeling the pressure today; other major cryptocurrencies like Ethereum and Solana have also taken a hit. This decline is part of a recurring pattern where Bitcoin tends to fall during geopolitical news releases, only to eventually recover and regain stability.

However, since the current conflict appears unlikely to be resolved quickly, we may face a longer period of declining prices. If Iran decides to retaliate against neighboring countries with U.S. military bases, there is indeed a risk of more nations becoming involved.

Therefore, the outlook for cryptocurrencies is not optimistic at the moment. With Bitcoin already on a downward trajectory, the $60,000 level is the most likely next stop. This is the key support level to watch, as it was the rebound point after the last significant drop.

Will gold benefit from Bitcoin’s latest decline?

Since most gold instruments do not trade over the weekend, we will have to wait until Sunday evening when the Asian markets reopen to see how gold reacts to today’s events.

Investors will closely watch Sunday’s opening to gauge the next move for gold. Typically, gold is likely to surge significantly after such attacks. As people flee riskier assets, they tend to turn to gold as a safe haven. Prices may gap higher at the open, and it’s even possible that gold could break through previous all-time highs.

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