Crypto Market in Crisis as Bitcoin Price Drops Below $66K

Bitcoin's price drop below $66,000 has sent shockwaves through the crypto market, causing investors to reassess their risk appetite. The sudden decline, which erased all gains made since April, is largely attributed to a perfect storm of factors.

The escalation of geopolitical tensions in the Middle East contributed to the increase in risk aversion among investors. As a result, capital flowed into safer assets like gold, putting downward pressure on the crypto market.

Strategy's unexpected sale of 32 Bitcoin to fund dividends further exacerbated the situation. The move was seen as a significant departure from the company's no-sell philosophy and triggered widespread panic among retail investors.