Bitcoin ETF · Bitcoin · Iran · CoinDesk
Bitcoin falls below $63,000 as risk assets sell off and the week's bounce fades
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Bitcoin fell below $63,000 on Friday as risk assets sold off worldwide, erasing the gains it made earlier in the week on the back of the US-Iran peace deal.
Key facts
- The selling was broad, with ether falling 2.3% to $1,695, XRP dropped 3.2% to $1.13, solana lost 3.2% to $69 and BNB fell 2.7%
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- A break below the $59,000 to $60,000 lows set earlier this month would mark a deeper phase of the sell-off, with some traders pointing to $45,000 as the next downside target
- The largest token traded around $62,700, down 1.9% over 24 hours and 1.3% on the week, per CoinDesk data, dropping toward the lower edge of the range it has held for nearly two weeks
Summary
Bitcoin slipped below $63,000 amid a broader global risk-asset sell-off, erasing gains tied to optimism over the US-Iran peace deal and pressuring major cryptocurrencies across the board. Chart watchers warn that a break below the $59,000 to $60,000 range could signal a deeper bitcoin downturn, with some traders eyeing $45,000 as a potential next downside target. Market participants say this cycle is diverging from past patterns as spot bitcoin ETFs and institutional demand reshape flows, dampening hopes for a near-term “altseason” and favoring tokens with real revenue over hype-driven coins.