Bitcoin fell for a fifth day in a row, falling below $27,000 per coin for the first time since September last year, as traders said conflicts in the Middle East affected investor sentiment. As of press time, Bitcoin, the largest digital asset by market value, plummeted 2.28% to US$26,765 per coin, the largest decline in a month. Smaller coins, such as Solana and Polygon, saw smaller declines.
Michael Safai, founding partner of quantitative trading firm Dexterity Capital, said: "This is similar to the reaction when the Russia-Ukraine conflict first broke out last year. When there are more questions than answers, traders tend to retreat."
"This is a macro-level event that is not offset by industry-level sentiment or activity, so there are not many factors that can keep prices rising at the moment," Safai said.