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Bitcoin slipped toward the $66,000 level in Asian trading on Monday, pressured by a broad risk-off move across global markets after an escalating military confrontation between the U.S., Israel and Iran rattled investor sentiment.
The world’s largest cryptocurrency was last down 2.1% at $66,197.6 by 06:15 GMT, after seeing sharp volatility over the weekend.
Bitcoin hit as Middle East tensions intensify
Bitcoin weakened sharply following joint U.S. and Israeli air strikes on Iran, including reports of the killing of Supreme Leader Ayatollah Ali Khamenei, marking one of the most serious escalations in the region in years.
The crypto briefly slid to around $63,000 after the initial strikes before stabilizing slightly. U.S. President Donald Trump said the military campaign would continue “for as long as necessary,” signaling sustained pressure on Tehran.
Iran retaliated with multiple missile barrages targeting Israeli and U.S. military installations, while tensions spilled into global markets and disrupted shipping routes.
The geopolitical shock sparked a classic risk-off reaction: oil prices surged more than 7% on fears of supply disruptions near the Strait of Hormuz, while gold jumped about 2% to multi-week highs as investors sought safety.
U.S. stock futures fell during Asian hours, pointing to a weaker Wall Street open, and major Asian equity indices traded lower early Monday.
Bitcoin’s decline once again highlighted its growing correlation with traditional risk assets, rather than behaving as a safe haven during periods of acute geopolitical stress.
Altcoins underperform as risk aversion deepens
Losses were even steeper across much of the broader crypto market, as investors cut exposure to higher-risk tokens.
Ethereum fell 2.2% to $1,963.92, while XRP declined 2.4% to $1.37. Solana eased 2.4%, Cardano dropped 5%, and Polygon slid 2%.
Among meme coins, Dogecoin underperformed, falling 4%.
Market direction later this week is likely to hinge on whether tensions in the Middle East continue to escalate or show signs of de-escalation, with geopolitical headlines firmly in the driver’s seat for risk sentiment.
