Bitcoin has fallen below $69,000: what’s happening in the crypto market
23 March 10:03
The price of Bitcoin fell below the $69,000 mark amid geopolitical tensions between the U.S., Israel, and Iran. At the same time, other cryptocurrencies were also affected by the decline, and experts attribute the drop not only to the war but also to a general outflow of investment from risky assets. This was reported by "Komersant Ukrainian" citing Bloomberg.
How the price of Bitcoin and other cryptocurrencies has changed
Bitcoin, the world’s largest cryptocurrency, fell by approximately 3.3% on Sunday, dropping to around $68,150—its lowest level since early March.
Other digital assets saw even greater losses:
- Ethereum (Ether) lost nearly 5%, dropping to around $2,050
- Solana, XRP, and Cardano also saw declines
- The overall cryptocurrency market came under pressure due to global risks
According to analysts’ estimates, Bitcoin has already lost about 20% of its value since the military escalation began in late February.
Why is Bitcoin falling?
Experts note that the decline was caused by several factors.
First, investors traditionally avoid risky assets during military crises. This calls into question the popular notion that Bitcoin can serve as a “safe haven” during global instability.
Second, the market is being affected by the general decline in stock markets and other risky instruments.
Third, rising energy prices have been a negative factor, as they directly increase the cost of cryptocurrency mining.
Peter Chir, a macro strategist at Academy Securities, notes that part of the crypto market’s previous growth was linked to expectations of new regulations; however, due to politicians’ focus on the war, such decisions may be postponed.
How the war affects the crypto market
Cryptocurrencies trade around the clock, so their dynamics often serve as an indicator of how traditional financial markets will behave after exchanges open.
In particular, amid the conflict:
- oil futures rose by more than 4%—to over $99 per barrel
- futures on the Nasdaq 100 and S&P 500 indices fell by more than 1%.
An additional source of tension was U.S. President Donald Trump’s statements regarding possible strikes on Iran’s energy infrastructure in the event of a blockade of the Strait of Hormuz—a key oil transport route.
In response, Iran declared its readiness to attack American and Israeli targets in the Middle East in the event of an escalation.
Why the crypto market has been falling for several months
The current decline is taking place against the backdrop of a broader downtrend that began back in October, when Bitcoin was trading above $120,000.
Since then, the market has been undergoing a correction that has dampened investor sentiment and is holding back new waves of growth.
