Quick overview

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Geopolitical tensions continue to cloud market sentiment, while recent remarks from Donald Trump have offered little clarity for investors.

The cryptocurrency market remains highly volatile amid the conflict in the Middle East. In that context, Bitcoin briefly climbed above the $67,000 mark, according to data from Binance.

The leading cryptocurrency is still down about 2.9% on the session, trading near $66,928. Meanwhile, Ethereum slipped 0.3% to around $2,061. Among major altcoins, Solana fell 9.1%, while BNB declined 7.4%.

Cryptocurrencies await signals from the war

Bitcoin dropped as much as 3.6% during the session, briefly falling below $66,000 — its lowest level since September 2024, a threshold only previously breached during a sharp selloff on February 6 when prices rebounded from around $60,000.

On a six-month basis, the world’s largest cryptocurrency remains down roughly 44.6%.

The war between the United States and Iran continues to shape sentiment in the crypto market. Trump recently said Washington intends to end military operations against Iran within the next two to three weeks and suggested negotiations with Tehran were progressing, though investors still see a risk of further escalation.

According to Dushyant Shahrawat of Bloomberg L.P., Iran plays a notable role in global Bitcoin mining, accounting for roughly 6%–8% of the network’s hashrate. Around 70% of that mining activity is reportedly controlled by the military.

As a result, energy disruptions caused by the conflict have reduced the country’s mining capacity, creating potential systemic fragility for Bitcoin’s network.