Bitcoin Drops Below $63,000 as Iran-Israel Strikes Lift Oil 3% and Hammer Asian Stocks
Updated
Updated · CoinDesk · Jun 8
Bitcoin Drops Below $63,000 as Iran-Israel Strikes Lift Oil 3% and Hammer Asian Stocks
3 articles · Updated · CoinDesk · Jun 8
Summary
Bitcoin slid to about $62,900 by 4:00 UTC, retreating from a late-Sunday high of $63,776 as renewed Iran-Israel airstrikes hit risk appetite.
WTI crude jumped more than 3% to $93.50 and South Korea's KOSPI sank over 6.8%—triggering a temporary halt—while Japan's Nikkei fell more than 3%.
Higher oil prices threaten to keep U.S. Treasury yields rising after Friday's strong jobs report, a backdrop that typically supports the dollar and pressures cryptocurrencies.
Bitcoin was already down about 14% last week amid spot ETF outflows, Strategy's BTC sale and competition from AI stocks, briefly dipping below $60,000.
Volatility may stay elevated this week as traders weigh the Middle East conflict alongside U.S. inflation data and major IPOs including SpaceX and Anthropic.