Bitcoin Dips Below $60,000 as Geopolitical Tensions Spark Rush to Safe-Haven Assets

Bitcoin dips: A wave of selling hit cryptocurrencies, particularly Bitcoin, which plummeted below the $60,000 mark on Friday,  amidst a broader flight from risky assets triggered by reports of an Israeli missile strike on Iran.

Bitcoin experienced a significant decline of more than 5.5 per cent, dropping to $59,961 during the Asia session, coinciding with a broad-based rally of the U.S. dollar. Ether, another major cryptocurrency, mirrored this trend, falling by a similar margin to dip below the $3,000 threshold to $2,895.

The turmoil unfolded following reports from ABC News, citing a U.S. official, of Israeli missiles striking a site in Iran. This event occurred in the aftermath of a recent drone strike launched by Iran on Israel, escalating tensions in the region.

Adding to the uncertainty, Iran's Fars news agency reported an explosion at the airport in the Iranian city of Isfahan, further heightening geopolitical anxieties.

In response to the escalating tensions, traditional safe-haven assets such as oil, gold, and bonds experienced sharp rallies. Investors sought refuge in these assets amid concerns over heightened geopolitical risks and potential disruptions to global stability.

With Reuters Inputs