Bitcoin Price Plummets Amid Rising Tensions Between US and Israel

Bitcoin's value experienced a sharp decline on Saturday morning, reaching a low of $77,614 as fears of impending US-Israeli military strikes against Iran intensified.

The sudden drop resulted in a loss of over $40 billion in market capitalization and effectively wiped out the gains made by Bitcoin since the start of the month. The cryptocurrency's price has been on a downward trend since May 14, when it peaked at $82,000.

Investors are keeping a close eye on the situation as the Israel Defense Forces prepare for potential conflict, which could last several weeks. The US and China summit's conclusion has raised concerns about a return to combat operations, potentially resulting in significant American casualties and increased oil prices.