Bitcoin falls below $68,000, cryptocurrencies decline across the board

On Friday, Bitcoin fluctuated lower, breaking below the $70,000 psychological level during trading. As of North American trading hours, Bitcoin dropped over 4%, reaching a low of $67,753.28. Although it briefly surged above $74,000 earlier this week, it still potentially posts a weekly gain of over 4%.

Currently, market sentiment remains fragile, with geopolitical risks being a significant factor suppressing prices. After the US and Israel launched strikes on Iran, Iran launched missile and drone retaliations across the Middle East, pushing the conflict into its seventh day on Friday, and risk aversion in the market continues to intensify.

Aside from Bitcoin, other major cryptocurrencies also generally declined on Friday, continuing the cautious market trend. Ethereum fell nearly 5%, to $1,986.89; Ripple dropped about 5%, to $1.36. Solana declined by 6.6%, while Cardano and Polygon both fell approximately 5.5%. In meme coins, Dogecoin decreased by 4.8%.

Overall, under the multiple pressures of escalating Middle East tensions, soaring oil prices, a strengthening US dollar, and fluctuating interest rate expectations, crypto assets are under significant short-term pressure. Although Bitcoin still has the potential to rise this week, whether it can regain and stay above $70,000 will depend on further developments in geopolitical situations, oil price trends, and Federal Reserve policy expectations.