Bitcoin neared $63,000 in trading on Saturday as the U.S. and Israel launched military strikes against Iran, with the largest cryptocurrency dropping about 3% in a matter of hours, extending what was already a tough weekend for risk assets.
The move takes Bitcoin to its lowest level since the Feb. 5 crash, when it briefly fell below $60,000.
Israeli Defense Minister Israel Katz declared an immediate state of emergency across Israel. According to a report in the Wall Street Journal, U.S. officials confirmed the U.S.’s participation in the airstrike.
The sale follows an established pattern. Bitcoin trades 24/7, but the stock and bond markets are closed on weekends.
That makes it one of the only large liquid assets that traders can sell if geopolitical risks spike outside of traditional market hours.
As a result, Bitcoin often acts as a pressure valve for widespread risk-off sentiment during weekend events, absorbing the selling that would spread to stocks, commodities, and currencies if markets were open.
The attack risks sparking a broader regional conflict in one of the world’s most economically sensitive regions, following a month-long U.S. military buildup and failed negotiations over Iran’s nuclear program.
