Bitcoin Price Dives to $62,500 Amid Middle East Tensions

Bitcoin's price softened over the weekend, dropping to around $62,500 as Middle East tensions weighed on sentiment. Despite the US CPI and PPI data showing cooling inflation and reduced rate-hike expectations, the market remained in a 'slightly weak tone,' according to Yuya Hasegawa, an analyst at Japanese exchange bitbank.

Hasegawa noted that the yen-denominated price hovered around ¥10.1 million (approximately $63,400), but declined to around ¥10.2 million during US trading hours as crude oil prices surged. The market remained relatively firm thereafter but lacked clear direction.

The divergence between Bitcoin's price and US equities became pronounced, with the S&P 500 and Nasdaq trading near record highs while BTC fell approximately 1.3% on a daily basis at Friday's Wall Street open.