Bitcoin has taken a sharp fall to $60,000, erasing most of the gains made after the Fed's recent rate cut. The cryptocurrency dropped 3% in the last 24 hours, as rising tensions in the Middle East, including reports of an impending missile attack by Iran on Israel, caused investors to seek safer assets.
The decline from Bitcoinâs earlier high of $64,000 during European trading hours was triggered when Israel's Defense Forces confirmed missile strikes. This sent Bitcoin down further, just above the critical $60,000 mark, wiping out nearly all gains seen since the Fed's 50 basis point interest rate cut in mid-September.
Altcoins were hit even harder, with SOL, AVAX, DOT, and NEAR dropping 5%-10%, while ETH slipped 3.8% to hover around $2,500. The market-wide losses highlight the crypto sectorâs sensitivity to global geopolitical turmoil.
In contrast, safe-haven assets like gold surged near its record high at $2,690 per ounce, and crude oil prices spiked 3% to $70 per barrel. Stocks werenât immune either, as the S&P 500 and Nasdaq dipped 1% and 1.7% respectively. Despite the volatility, analysts at Swissblock noted that such "war news" typically has a short-term impact on asset prices. đš
