Global markets are experiencing a risk-off environment as tensions between the United States and Iran escalate. This has led to a significant decline in Bitcoin's price, which has fallen below $72,000 for the first time since April 13th.
The market response is largely driven by geopolitical factors, with the Strait of Hormuz being a strategically crucial location. The increased risk-off sentiment has also been exacerbated by leveraged cryptocurrency liquidations, which have amplified the price decline.