Bitcoin Plunges Below $69,000 on Geopolitical Tensions

Bitcoin's price has plunged from a peak of around 126,000 dollars to below 69,000 dollars in recent weeks, amid escalating geopolitical tensions in the Middle East and heightened market fear. The cryptocurrency, which had been expected to climb toward 150,000 dollars earlier this year, now faces a prolonged period of volatility, according to Anthony Scaramucci, founder and managing partner of SkyBridge Capital. In interviews and podcast appearances, Scaramucci described the downturn as a standard correction within Bitcoin's established four-year market cycle, driven largely by profit-taking from long-term holders near the 100,000-dollar psychological level.

The decline accelerated over the weekend, with Bitcoin trading as low as 68,500 dollars on March 23, 2026, down nearly 4 percent in 24 hours and over 6 percent for the prior week. This drop coincided with the Iran conflict entering its third week, prompting U.S. President Donald Trump's 48-hour ultimatum demanding Iran reopen the Strait of Hormuz and threatening strikes on its energy infrastructure. Iran responded with warnings against Gulf neighbors' energy and water systems, intensifying global risk aversion. The Crypto...