Bitcoin Tumbles Below $63,000 as Global Risk Assets Sell Off

Bitcoin (BTC) plummeted below $63,000 on Friday as global risk assets sold off in holiday-thinned trading.

The largest cryptocurrency's price drop erased gains made earlier in the week due to optimism over the US-Iran peace deal, with some traders eyeing $45,000 as a potential next downside target if Bitcoin breaks below its recent range of $59,000 to $60,000.

According to CoinDesk data, Bitcoin traded around $62,700, down 1.9% over the past 24 hours and 1.3% on the week.

The selling was broad, with ether falling 2.3% to $1,695, XRP dropping 3.2% to $1.13, solana losing 3.2% to $69, and BNB falling 2.7%. However, Hyperliquid's HYPE remained the week's best major performer, up 13.2%, despite sliding 3.7% on the day.

Market participants say this cycle is diverging from past patterns due to spot Bitcoin ETFs and institutional demand reshaping flows, dampening hopes for a near-term 'altseason' and favoring tokens with real revenue over hype-driven coins.