Bitcoin has slipped below the $60,000 threshold, breaching a critical support level that had held firm for nearly two years.
The move marks the first time the asset has traded under this psychological barrier since October 2024, signaling a deepening risk-off sentiment across global markets.
From its peak of over $126,000 reached last year, Bitcoin has now lost more than half of its value.
The decline comes as rising tensions involving Iran spill over into financial markets, triggering a broad sell-off in equities and commodities.
Investors are increasingly rotating out of high-beta assets, with crypto markets bearing the brunt of the flight to safety.
The correlation between geopolitical instability and digital asset volatility has become more pronounced, as traders de-risk portfolios amid uncertainty.
From its peak of over $126,000 reached last year, Bitcoin has now lost more than half of its value.