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Bitcoin, along with other major cryptocurrencies, experienced a sharp decline, precipitated by escalating geopolitical tensions in the Middle East. The price of Bitcoin dramatically dropped over 8.4% to $61,625 after Iran launched an attack on Israel. This significant event intensified regional conflicts and incited a broad market sell-off, wiping out billions in market capitalization and heavily impacting investor sentiment across the globe.

Bitcoin Price Tumbles as Markets React

In response to these events, the overall crypto market also faced a downturn, with Ethereum and Solana seeing declines of 9.81% and 15.96% respectively. The global crypto market capitalization took an 8.19% hit. The market reaction was further fueled by a liquidation spree, where over $2 billion worth of crypto was liquidated, highlighting the fragility and volatility of digital currencies in times of political unrest.

Bitcoin Halving Event Adds to Uncertainty