Bitcoin Price Falls Below $70k Amid Geopolitical Tensions

Bitcoin's price took a hit on Friday, falling below $70,000 for the first time since April 7 as crypto markets faced renewed selling pressure. The decline was attributed to a mix of factors including geopolitical tensions between the US and Iran, leveraged position liquidations, and a perceived shift in investor sentiment.

The move came as traders monitored US-Iran talks, military exchanges, and the future of shipping access through the Strait of Hormuz. President Donald Trump said negotiations were continuing 'at a rapid pace' and expressed hope that a deal could reopen the Strait of Hormuz, but tensions remained high as Iran's negotiating team reportedly paused communication through mediators.

Bitcoin's drop also coincided with ETF outflows and equity rotation, which added to pressure on the asset. Spot Bitcoin ETFs recorded their 10th to 11th straight day of net outflows, with total withdrawals estimated between $2.97 billion and $3.5 billion during the streak.