Bitcoin's price dropped 4% in May, ending its monthly win streak, according to recent data. This decline is largely due to ongoing geopolitical tensions, particularly the Iran war, which has contributed to market uncertainty.
The largest cryptocurrency by market capitalization had previously risen in both March and April of this year before sliding lower during May. In late-day trading on May 29, Bitcoin's price was at $73,000, down from a peak of $82,000 earlier in the month.
Ethereum, the second-largest digital asset, also suffered losses in May, falling 12% during the month as investors headed to the sidelines. Ethereum's price has fallen 5% in the past five trading sessions and is down 33% on the year.