IBIT is trading 3.6% down at $37.43 as escalating Middle East tensions and Iran's rejection of a U.S. ceasefire proposal drive a broader market selloff.
- Bitcoin has retreated to approximately $69,400 as investors shift away from risk assets in favor of safe-haven alternatives.
- The downturn follows significant losses in major indices yesterday, with the S&P 500 and Nasdaq dropping 1.7% and 2.4%, respectively.
- Geopolitical risks remain high due to concerns over the Strait of Hormuz and extended deadlines regarding Iran, further pressuring the cryptocurrency sector.