BTC Dips Below $63K as Global Markets React to Middle Eastern Tensions

The cryptocurrency market has experienced significant declines in recent hours, with Bitcoin's price dipping below $63,000. The drop is attributed to the latest developments in the Middle East, which have led to a downturn across all markets.

Bitcoin had previously rebounded from its dip below $58,000 on July 1, climbing to $64,600 on Saturday morning and remaining at around $64,000 over the weekend. However, as the consequences of the latest attacks between the US and Iran were felt, BTC's price dropped to $62,400 before recovering to just over $63,000.

The total crypto market cap has shed over $20 billion in the past 24 hours and is now below $2.240 trillion on CG. Other major alts such as XRP, ETH, BNB, HYPE, RAIN, DOGE, ZEC, and XLM have also experienced losses, while SOL and XMR saw insignificant gains.

Pi Network's native token continues to struggle, marking consecutive all-time lows with a nosedive to $0.086, down over 97% since its ATH last year. APX has dropped by over 25%, in contrast to the gains seen by BEAT and DEXE.