Bitcoin Tumbles 47% as Geopolitical Tensions Drive Down Price
Bitcoin's price dropped to $65,000 on Saturday before stabilizing around $66,500 to $67,000. This represents a significant decline from last week's levels of approximately $71,000 and is down roughly 47% from its all-time high of $126,080 set in October 2025.
The downturn can be attributed to ongoing geopolitical tensions in the Middle East, which are driving up oil and energy prices. According to Rachael Lucas, crypto analyst at BTC Markets, 'What we saw this week was a classic risk-off unwind.'
Lucas also noted that the situation surrounding the Strait of Hormuz is amplifying inflation fears, reducing the likelihood of Federal Reserve interest rate cuts and putting downward pressure on crypto prices. Strikes on neighboring states in the region have kept the conflict from de-escalating, while diplomatic talks remain at a standstill.
Jeff Mei, COO at BTSE, stated that elevated oil and gas prices will continue to drag on economic growth. 'We believe that crypto prices have more room to fall, with Bitcoin potentially falling to the $60K support level,' Mei said.