Geopolitical Tensions Halt Bitcoin Uptrend

Bitcoin’s July uptrend came to a screeching halt Wednesday, tumbling below $62,000 as escalating Middle East tensions sparked fears that the shaky U.S.-Iran ceasefire had unraveled. Market data shows bitcoin nosedived from a daily peak of just over $64,100 to a low of $61,481 by 11:15 a.m.—a swift 3.5% drop in 24 hours.

The sudden reversal erased an impressive week of incremental gains that had pushed the top cryptocurrency up nearly 10% since the start of the month. The cryptocurrency market was rattled not only by active military exchanges but also by the Trump administration’s decision to end sanctions waivers on Iranian crude oil. Remarks from President Donald Trump suggesting that…