Bitcoin fell below $64,000 in Saturday trading after the United States and Israel launched military strikes on Iran, sending the largest cryptocurrency down around 3% in a matter of hours and extending an already difficult weekend for risk assets.
The move sent Bitcoin to its lowest level since the crash on February 5, when the coin briefly fell below $60,000.
Israeli Defense Minister Israel Katz declared an immediate state of emergency in all areas of Israel. A U.S. official confirmed U.S. involvement in the attack.
The sell-off follows an established pattern. Bitcoin trades 24 hours a day, seven days a week, while stock and bond markets are closed on weekends.
This makes it one of the only large liquid assets available for traders to sell when geopolitical risks spike outside of traditional market hours.
As a result, Bitcoin often acts as a pressure valve for broader risk aversion during weekend activity, absorbing a sell-off that could spread to stocks, commodities and currencies if markets open up.
The attack threatens to spark a wider regional conflict in one of the world’s most economically sensitive regions, following a month of U.S. military buildup and failed negotiations over Iran’s nuclear program.
