Bitcoin (BTC) fell nearly $2,000 on Monday morning, slipping below $63,000 as renewed military tensions between the U.S. and Iran rattled markets. The decline dragged the broader cryptocurrency market lower, with total market capitalization shedding about $20 billion in 24 hours to fall below $2.24 trillion.
Middle East Conflict Weighs on Bitcoin
Bitcoin had recovered from a drop below $58,000 in early July, climbing back above $64,000 by July 6. However, a large sell-off by Strategy (formerly MicroStrategy) briefly pushed prices to $61,200 before a rebound to $64,400. The rally was cut short by news that the U.S.-Iran ceasefire had ended and missile attacks resumed, sending Bitcoin back toward $61,600. Over the weekend, BTC managed to recover to $64,600 but then fell again to $62,400 as geopolitical fears fully priced in. It has since edged back to around $63,000. Bitcoin's market cap now stands at approximately $1.265 trillion, with its dominance rising slightly to 56.7%.
Altcoins Hit Harder, Pi Coin Crashes 97%
Altcoins suffered steeper losses than Bitcoin. Pi Network's PI token hit a new all-time low of $0.086, down over 97% from its peak last year. APX plunged more than 25% in a single day, while BEAT rose 20% and DEXE continued its recent uptrend. Ethereum (ETH) failed to break above the $1,800 resistance, XRP slipped below $1.10 support to $1.07 before a minor bounce, and Binance Coin (BNB) fell to around $570. Dogecoin (DOGE) and Monero (XMR) also declined, while Solana (SOL) saw only limited gains.
Market Outlook
The sell-off highlights how geopolitical risks can directly impact crypto markets, with volatility likely to persist in the near term. Bitcoin's ability to hold the $61,000–$63,000 support zone will be critical; a breakdown could trigger further losses. The rise in Bitcoin dominance suggests capital is rotating into BTC as a relative safe haven, while altcoins remain vulnerable to sharp declines in low-liquidity conditions.