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Bitcoin drops below $63,000 amid escalating tensions
Bitcoin's value dropped below $63,000, reaching $62,553 due to escalating tensions between the United States and Iran following American military strikes and Iranian retaliation, which affected risk appetite in the markets. The markets experienced heavy pressure after the conflict in the Gulf intensified, with Brent crude oil prices rising over concerns about potential disruptions to oil supplies via the Strait of Hormuz. Meanwhile, investors are awaiting the Federal Reserve meeting minutes for clues about inflation risks. Despite the decline, institutional flows still support demand for Bitcoin.
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