Bitcoin's price took a significant hit on June 9, dropping by 2.9% to trade around $61,700. This decline marked a reversal of the cryptocurrency's previous 24-hour rally and wiped off approximately $30 billion from its market capitalization.
The sharp downturn in Bitcoin's price was triggered by escalating geopolitical tensions in the Middle East. The region has seen heightened military activity in recent days, with Israel and Iran exchanging fire on June 8.
Data from Bitstamp showed that Bitcoin briefly dipped below $61,000 before rebounding to its current price. This brief drop below $61,000 marked a significant decline in the cryptocurrency's value and had a ripple effect across the derivatives market.