Bitcoin prices tumbled below $64,000 on Saturday as Israel and the United States launched attacks against Iran, triggering a broad cryptocurrency selloff. The largest digital asset by market value has now fallen over 50% from its October 2025 peak of $125,000, shattering the narrative that Bitcoin serves as a safe haven during geopolitical turmoil.

Unlike gold, which has rallied to record highs as investors seek safety, Bitcoin has struggled to maintain its value amid the escalating Middle East tensions. The cryptocurrency's price action has increasingly diverged from traditional safe havens, with other major cryptos like Ethereum and Solana also experiencing significant losses. This pattern of Bitcoin dropping on geopolitical news before recovering has become familiar, but analysts warn the current conflict could lead to a prolonged downturn.

With the $60,000 level now in sight, traders are watching for potential support where Bitcoin previously bounced back. The outlook remains bleak as the conflict could draw in more countries if Iran retaliates against U.S. military bases in neighboring nations. Meanwhile, gold investors will be watching Sunday's Asian market open closely to see if the precious metal continues its rally as capital flows from riskier assets into traditional safe havens.