Bitcoin Slumps Amid Escalating US-Iran Tensions
Bitcoin's price took a hit on Tuesday as investors went into 'risk-off' mode following escalating tensions between the US and Iran.
The largest cryptocurrency had initially shrugged off President Donald Trump's threats to the Middle Eastern nation, but things heated up on Tuesday after the US launched strikes against Iranian targets in response to attempted attacks by Iran's Islamic Revolutionary Guard Corps (IRGC) on commercial shipping in the Strait of Hormuz and American service members.
Bitcoin's price slid over 2% on the day, trading at $77,363, down from its high of nearly $81,282 on Friday.
The cryptocurrency has been sensitive to geopolitical tensions this year, often facing downward pressure when war breaks out, only to rally when Trump hints at a ceasefire.