Bitcoin dropped to roughly $62,900 on June 8, shedding about 1.3% from its recent peak near $63,700. The culprit: a fresh round of hostilities between Iran and Israel that sent West Texas Intermediate crude oil futures surging more than 3% to around $93.50 per barrel.
The move wasn’t isolated to Bitcoin. Ethereum, Solana, and XRP all faced selling pressure as the broader crypto market traded lower in tandem with Asian equities. South Korea’s Kospi index posted sharp declines, painting a picture of classic risk-off behavior across virtually every asset class that isn’t oil or gold.
What triggered the sell-off
A fragile ceasefire between Iran and Israel collapsed, with both nations exchanging airstrikes in a rapid escalation that caught markets off guard. The breakdown reignited fears of a wider regional conflict, one that could directly threaten oil supply routes through the Strait of Hormuz, a chokepoint for roughly a fifth of the world’s crude.
US President Donald Trump reportedly urged Israeli Prime Minister Benjamin Netanyahu to exercise restraint and avoid further retaliatory actions. The diplomatic intervention signals that Washington recognizes the economic stakes: sustained oil prices above the $90 to $100 range have historically tightened financial conditions across the board.
