Bitcoin Falls Below $70,000 as Middle East Tensions Drive Risk-Off Sentiment

Bitcoin dropped below $70,000 on Monday after briefly trading above that level, declining alongside other risk assets as concerns over the prolonged Middle East conflict weighed on markets, Bloomberg reports. Broader crypto markets, including Ethereum and Solana, also weakened as investors reduced exposure to higher-risk tokens. Following U.S. and Israeli airstrikes on Iran, Iran escalated attacks on the U.S. and its allies and warned it could close the Strait of Hormuz, a key trade corridor, further boosting demand for haven assets. Pratik Kala, Head of Research at Apollo Crypto, said the pullback reflects a typical cooling phase, noting Bitcoin has ranged between $65,000 and $70,000 since early February and moves beyond this band tend to trigger profit-taking.