Bitcoin's value plummeted to its lowest level in over six weeks as investors grew increasingly cautious amid rising tensions between the US and Iran.
The largest cryptocurrency by market capitalisation dropped by as much as 3.3% to $72,643 on Thursday, its weakest point since April 13. This decline was not limited to Bitcoin alone, with Ether, the second-largest token, falling more than 4% to $1,965.
The Middle East has seen a surge in hostilities, with fresh attacks prompting concerns that the conflict may fuel inflation and trigger interest-rate increases. The US carried out airstrikes on an Iranian military site, while Kuwait reported hostile missile and drone threats.