Bitcoin Tumbles to Two-Week Low Amid Geopolitical Tensions and ETF Outflows

Bitcoin's price has taken a hit as August began, dropping to a two-week low of $62,400 after repeated failures to break through the $65,000 barrier.

The decline follows fresh geopolitical tensions, including Iran's attacks on oil tankers in the Strait of Hormuz and its launch of drones towards US-linked military facilities in Kuwait and Bahrain.

These developments have added to the pressure on Bitcoin, as have the recent Federal Reserve meeting and ETF outflows. In fact, spot Bitcoin ETFs recorded $61.53 million in weekly net outflows after attracting more than $200 million during the previous run.

The FOMC pattern has also been linked to Bitcoin's decline, with the currency dropping about $3,000 over several days following the Fed's interest rate decision on Wednesday.