Bitcoin has suffered a dramatic 35% price drop, falling below $60,000 for the first time since late 2024, as escalating US-Iran tensions drive a broad crypto market selloff.
The downturn has wiped out gains from the post-election rally, with many altcoins losing more than 50% of their value. Investors are adopting a risk-off approach, treating cryptocurrencies as high-beta assets vulnerable to geopolitical shocks.
Prediction markets indicate a 99% probability Bitcoin stays above $58,000 on June 10, but odds of reclaiming all-time highs by year-end remain low at just 9.5%.