Bitcoin neared $63,000 in Saturday trading after the United States and Israel launched military strikes on Iran, pushing the biggest cryptocurrency down about 3% in a matter of hours and extending what had already been a difficult weekend for risk assets.
The move brings bitcoin to its lowest level since the February 5 crash, when the token briefly dipped below $60,000.
Israeli Defense Minister Israel Katz declared an immediate state of emergency in all areas of Israel. A US official confirmed US participation in the strikes, The Wall Street Journal reported.
The sale follows a well-established pattern. Bitcoin trades 24 hours a day, 7 days a week, while the stock and bond markets are closed on weekends.
That makes it one of the only large, liquid assets available for traders to sell when geopolitical risk rises outside of traditional market hours.
The result is that bitcoin often acts as a pressure valve for a broader risk-off vote during weekend events, absorbing selling that would otherwise spread across stocks, commodities and currencies if those markets were open.
The attack risks a wider regional conflict in one of the most economically sensitive parts of the world following a months-long US military build-up and failed talks over Iran’s nuclear programme.
