Bitcoin price today: Middle East conflict triggers risk aversion, drops to $66,000

Investing.com - On Monday during Asian trading hours, Bitcoin fell to the $66,000 level as the conflict between the US, Israel, and Iran escalated, triggering widespread risk aversion in global markets.

As of 06:15 GMT, the world’s largest cryptocurrency declined by 2.1%, to $66,197.6.

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Bitcoin Falls After US-Israel Joint Strike on Iran

Over the weekend, the US and Israel launched a military strike against Iran, reportedly including the killing of Supreme Leader Ayatollah Ali Khamenei, sparking one of the most serious regional escalations in years, causing Bitcoin to plummet sharply.

Following the initial attack, Bitcoin briefly dropped to around $63,000 over the weekend before stabilizing slightly.

US President Donald Trump stated that the strikes would continue until objectives are achieved, indicating ongoing military pressure.

Iran responded with multiple missile attacks targeting Israeli and US military facilities, escalating tensions and disrupting financial markets and shipping routes.

Concerns over potential supply disruptions around the Strait of Hormuz pushed oil prices up by over 7%. Gold prices rose about 2%, reaching multi-week highs as traders sought safe-haven assets amid geopolitical risks.

US stock index futures declined during Asian trading hours, signaling a weak open on Wall Street, while major Asian stock indices also fell in early Monday trading.

Bitcoin’s recent performance continues to reflect its increasing correlation with traditional risk assets rather than serving as a safe haven.

How the market evolves later this week will largely depend on whether geopolitical tensions escalate further or show signs of easing.

Most Altcoins Decline; Cardano Down 5%

As investors seek to avoid risk assets, most altcoins have fallen more than Bitcoin.

The second-largest cryptocurrency, Ethereum, declined by 2.2%, to $1,963.92.

The third-largest cryptocurrency, XRP, fell by 2.4%, to $1.37.

Solana dropped 2.4%, Cardano declined 5%, and Polygon decreased by 2%.

Among meme tokens, Dogecoin fell by 4%.

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