Bitcoin (BTC), which exceeded $66,000 after the FED's 50 basis point cut, has been falling in recent days.
While geopolitical tensions in the Middle East have been influential in this latest decline, Bitcoin has recently fallen following intelligence that Iran may launch a ballistic missile attack on Israel.
“The US has received indications that Iran is preparing to launch a ballistic missile attack against Israel,” a senior White House official said, according to AXIOS.
Following this news, Bitcoin prices dropped to $62,500, while gold prices rose.
Following the Bitcoin crash, over $66 million worth of crypto futures positions were liquidated in the last hour, with most of them, $63 million, being long positions.
Bitcoin has since recovered slightly and is trading at $62,730 at the time of writing.
*This is not investment advice.