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Bitcoin Falls to $61,000 Amid Escalation Between the U.S. and Iran
Bitcoin declined on Wednesday, following a broad sell-off across risk assets, as renewed military action between the United States and Iran undermined hopes for a peaceful settlement in the Middle East.
The losses came even though institutional selling showed some signs of slowing after three consecutive weeks of significant outflows from spot exchange-traded funds, or ETFs.
Bitcoin fell 3% to $61,375.5 as of 09:12. The world’s largest cryptocurrency gave up most of the brief recovery seen earlier this week after the coin’s largest corporate holder, Strategy Inc (NASDAQ: MSTR), purchased additional coins.
Bitcoin Under Pressure From U.S.–Iran Escalation
Bitcoin’s decline came amid a broad sell-off in risk assets, primarily equities, as investors shifted into the dollar and other safe-haven instruments.
Iran launched missile and drone strikes on U.S. military bases and several other targets in the Middle East in response to earlier U.S. attacks near the Strait of Hormuz.
The renewed fighting followed the destruction of a U.S. helicopter in the Hormuz area earlier this week.
Wednesday’s attacks further undermined hopes for a peace agreement between the United States and Iran, despite repeated statements from U.S. officials that a deal was close.
Following the latest clashes, oil prices rose sharply, keeping markets on edge over the inflationary consequences of the war and its impact on interest rates.
U.S. consumer price index data for May, due later the same day, is expected to provide additional guidance on the future path of U.S. interest rates. The March and April figures showed a sharp rise in inflation driven by energy prices — a trend expected to continue in May.
A slowdown in capital outflows from spot ETFs provided Bitcoin with some support. According to SoSoValue, total outflows since the beginning of the current week amounted to $168 million, after outflows exceeded $5 billion over the previous three weeks, dealing a serious blow to crypto markets.
Crypto Market Today: Altcoin Recovery Stalls
The broader cryptocurrency market mostly declined alongside Bitcoin. Ether, the second-largest cryptocurrency by market capitalisation, fell 3.3% to $1,630.78.
XRP dropped 5%, Solana lost 4.3%, while Cardano fell 5.2%.
Binance’s BNB declined 3%.
Among memecoins, Dogecoin fell 3.1%, while $TRUMP lost 2.3%.
See also: "Bitcoin Faces Key Resistance at $64K–$66K as $52K Support Becomes Especially Visible"
