Bitcoin Crashes Back Below $65,000

Bitcoin's price has dropped back down to around $63,000 after briefly reaching above $65,500 on Monday. The decline leaves the cryptocurrency about 3% lower than it was a day ago.

The surge higher came after reports that military strikes between the US and Iran had paused, reducing immediate concerns over a wider regional conflict. However, investor attention soon turned back to macroeconomic developments ahead of the Federal Reserve's latest policy decision.

With Treasury yields elevated and expectations for interest rates to remain higher for longer weighing on risk assets, many traders took profits after Bitcoin reclaimed the $65,000 level.