Bitcoin's price fell another five thousand to a multi-week low of around $61,000. Altcoins suffered even more: their prices fell even more. The main reason for this was the growing tension between Iran and Israel.

Just 48 hours ago, the price of BTC was quietly hovering above $70,000 and even crossed the $71,000 mark. However, the situation changed on Friday evening after speeches from senior officials representing the US central bank, who said that the Fed does not plan to start cutting interest rates any time soon.

In a matter of minutes, the price of the main cryptocurrency fell by five to six thousand dollars and fell to $65,000. Interestingly, almost all financial markets went down on Friday, as even the price of gold fell by about 4%.

Bitcoin managed to recover slightly on Saturday morning and rose to just over $67,000. However, tensions between Iran and Israel then quickly escalated, and the price of the cryptocurrency fell again.

This time, the asset fell to a multi-week low of just over $61,000, liquidating more than $700 million. It has bounced back quite nicely and is currently above $64,000, with market cap down about $130 billion since Friday to $1.270 trillion. However, its dominance over alternative currencies increased by about 2% over the same period.

As is usually the case when BTC moves sharply lower, so do most altcoins. In fact, they have fallen even further in the last 48 hours. Although many also rebounded, for the second day in a row they were in the red. There have been significant price declines of double digit percentages, with SOL, XRP, DOGE, TON, ADA, AVAX, SHIB, DOT and ETH still in deep negative territory.

The total cryptocurrency market capitalization fell from nearly $2.8 trillion on Friday morning to about $2.330 trillion last night. It has since recovered about $100 billion, but is still down 5% from the same day.