The drop extends a pattern where bitcoin sells off on geopolitical shocks before recovering, as the token’s 24/7 liquidity makes it one of the few large assets traders can exit over the weekend.
Updated Feb 28, 2026, 7:01 a.m. Published Feb 28, 2026, 6:56 a.m.
What to know:
- Bitcoin fell below $64,000 in Saturday trading, dropping about 3 percent and hitting its lowest level since early February after U.S. and Israeli launched strikes on Iran.
- The weekend sell-off underscores bitcoin’s role as one of the few large, liquid assets available to traders when geopolitical risks spike while stock and bond markets are closed.
- The attack on Iran heightens the risk of a broader regional conflict in a key economic area, following weeks of U.S. military buildup and stalled nuclear negotiations with Tehran.
Bitcoin neared $63,000 in Saturday trading after the U.S. and Israel launched military strikes on Iran, pushing the largest cryptocurrency down roughly 3% in a matter of hours and extending what had already been a difficult weekend for risk assets.
The move brings bitcoin to its lowest level since the Feb. 5 crash, when the token briefly dipped below $60,000.
Israeli Defense Minister Israel Katz declared an immediate state of emergency across all areas of Israel. A U.S. official confirmed American participation in the strikes, The Wall Street Journal reported.
The sell-off follows a well-established pattern. Bitcoin trades 24 hours a day, 7 days a week, while equity and bond markets are closed on weekends.
That makes it one of the only large, liquid assets available for traders to sell when geopolitical risk spikes outside of traditional market hours.
The result is that bitcoin often acts as a pressure valve for broader risk-off sentiment during weekend events, absorbing selling that would otherwise spread across equities, commodities, and currencies if those markets were open.
The attack risks a wider regional conflict in one of the most economically sensitive parts of the world, following a month-long U.S. military buildup and failed negotiations over Iran’s nuclear program.
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Bitcoin could see further downside risks as Iran attacks U.S. bases across Middle East
Tehran launched waves of missiles and drones targeting Israel, U.S. bases, and Gulf allies, with explosions reported in Dubai, Kuwait, and Bahrain.
What to know:
- An Israeli strike on Iran has spiraled into the broadest Middle Eastern military conflict in decades, with Iran launching missiles and drones at Israel and U.S. bases across the Gulf.
- The United States has begun what President Trump called “major combat operations” in Iran, targeting its missile, naval and nuclear infrastructure as regional states report intercepted missiles, explosions and closed airspace.
- Bitcoin has so far held above $63,000 amid the turmoil, but analysts warn that a broader market sell-off when traditional markets reopen could push it toward or below the $60,000 level as it trades more like a risk asset than a safe haven.