Bitcoin neared $63,000 in weekly trade after the US and Israel launched military strikes on Iran, pushing the biggest cryptocurrency down nearly 3% in a few hours and extending what was already a rough weekend for risk assets.
The move brings bitcoin to its lowest level since the February 5 crash, when the token briefly fell below $60,000.

Israeli Defense Minister Israel Katz immediately declared a state of emergency in all areas of Israel. A US official confirmed US involvement in the attacks, the Wall Street Journal reported.

The sell-off follows a well-established pattern. Bitcoin trades 24 hours a day, 7 days a week, while equity and bond markets are closed on weekends.

This makes it one of the only large, liquid assets available to traders for sale when geopolitical risk escalates outside of traditional market hours.

The result is that Bitcoin often acts as a pressure valve for broader risk-off sentiment during weekend events, absorbing selling that would otherwise spread across equities, commodities and currencies if those markets were open.

The attack threatens a wider regional conflict in one of the most economically sensitive parts of the world, following a month-long US military build-up and failed talks over Iran’s nuclear program.