Bitcoin Plunges to Lowest Level Since Iran Conflict Eruption as Cryptocurrency Sell-Off Continues

Deep News10:35

Heightened tensions in the Middle East have weighed on broader market sentiment, pushing Bitcoin down to its lowest point since the outbreak of the Iran conflict.

During early trading on Thursday, Bitcoin fell by more than 5.5% at one point, dropping below $62,000 to reach its lowest level since February 6th. This decline extends the losses seen this week, a downtrend that began after Michael Saylor's MicroStrategy Inc. sold approximately $2.5 million worth of its Bitcoin holdings.

Josh Du, Chief Investment Officer of Animoca Brands, stated that this week's drop in Bitcoin's price was due to MicroStrategy breaking its "never sell" pledge, which has shaken market confidence.

This selling activity highlights the divergence between Bitcoin and tech stocks — while Bitcoin prices retreated, technology shares hit record highs. Bitcoin remains vulnerable to macro risks, with its price falling further overnight as attacks threatened U.S.-Iran negotiations over a temporary peace agreement. In early Asian trading on Thursday, regional equities and U.S. stock futures moved lower alongside Bitcoin.

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