Bitcoin Crashes Below $78K as US-Iran Conflict Erupts — But Another Major Seller May Be Fueling the Drop

Bitcoin dropped in value at the start of the week after a brief retest of the $79,000 resistance level overnight on Sunday.

The number one cryptocurrency fell below the $78,000 price range in response to renewed tensions between the US and Iran, and geopolitical risks in global markets.

On Sunday, US forces struck two Iranian rocket launchers positioned on Larak Island in the Strait of Hormuz, the first publicly known US strike against Iranian positions in more than a month.

Washington said the launchers had been prepared to launch rockets containing sea mines into the waterway, following missile and drone strikes from Iran against US targets in Jordan.