Bitcoin fell back toward the $66,000 level during Asian trading on Monday, as the escalating U.S.-Israel conflict with Iran triggered a broad risk-off sentiment across global markets.
The world’s largest cryptocurrency was last trading 2.1% lower at $66,197.6 as of 06:15 GMT.
Bitcoin Drops After U.S.-Israel Strikes on Iran
Bitcoin declined sharply over the weekend following joint U.S. and Israeli military strikes on Iran. The attacks, which reportedly included the killing of Supreme Leader Ayatollah Ali Khamenei, marked one of the most serious escalations in the region in recent years.
During the initial wave of strikes, Bitcoin briefly tumbled to around $63,000 before stabilizing slightly.
U.S. President Donald Trump stated that military operations would continue “for as long as necessary,” signaling ongoing pressure and prolonging uncertainty in financial markets.
Iran responded with multiple missile barrages targeting Israeli and U.S. military positions. The escalation disrupted global markets and raised concerns about shipping routes in the Middle East.
Oil prices surged more than 7% amid fears of supply disruptions near the Strait of Hormuz. At the same time, gold climbed roughly 2% to multi-week highs as investors sought safe-haven assets.
U.S. stock futures moved lower during Asian hours, indicating a weaker opening for Wall Street, while major Asian equity indices also declined in early trading.
Bitcoin’s recent performance highlights its growing correlation with traditional risk assets, rather than behaving as a safe haven during geopolitical crises.
Market direction later this week will likely depend on whether tensions in the Middle East escalate further or begin to ease.
Altcoins Under Pressure as Risk Appetite Fades
Most altcoins recorded steeper losses than Bitcoin as investors reduced exposure to higher-risk assets.
Ethereum, the second-largest cryptocurrency, fell 2.2% to $1,963.92. XRP, ranked third by market capitalization, declined 2.4% to $1.37.
Solana dropped 2.4%, while Cardano fell 5% and Polygon slipped 2%. Among meme coins, Dogecoin retreated 4%.
