Bitcoin slides down $64,000 as Iran conflicts sends investors fleeing to safety

The US-Israel strikes on Iran wiped out roughly $128 billion in cryptocurrency value in just a few hours.

The world’s largest cryptocurrency tumbled 3.8%, dropping to $63,038 before steadying near the $64,000 mark.

The second-most popular token, Ether, slid around 4%. This sent shockwaves to crypto investors.

This drop extends the brutal months-long downfall of the cryptocurrency.

Previously bitcoin has fallen around 50% from its all-time peak of over $126,000. The downturn started in October when around $19 billion of liquidations started.

This is all due to cryptocurrency being treated as a risk asset instead of a safe haven like Gold.

The recent escalation in geopolitical tensions has led traders to dump volatile holdings and pile into traditional stores of value.

As traditional stock markets are closed for the weekend, digital-asset turned to tokenised commodities on platforms.

Prices for contracts tied to oil, gold, and silver jumped sharply, suggesting that investors are bracing for a prolonged conflict and its influence on global markets.