Bitcoin Falls to $63,000 Range as Middle East Tensions Escalate

Bitcoin fell to the $63,000 range on the 8th as investor sentiment shrank following a surge in international oil prices caused by escalating tensions in the Middle East after U.S. airstrikes on Iran. The settlement prices for September Brent crude and August West Texas Intermediate (WTI) crude futures rose by 3.01% and 2.76%, respectively, from the previous session.

The surge in oil prices is believed to have triggered a reallocation of assets by investors, leading to a decline in cryptocurrency prices.

Despite the downward trend in global markets, domestic exchanges maintained relatively higher price levels. According to Upbit, as of 7:08 a.m. on the 8th, Bitcoin was trading at 95.047 million won, down 1.03% from the previous day, while the Kimchi Premium Index recorded -1.22%.