Middle East Escalation Causes Bitcoin to Drop to $61,481

Bitcoin’s rally in July lost momentum towards the end of last week as the crypto fell below $62,000 amid renewed concerns over rising tensions in the Middle East. Investors reacted to reports suggesting that the already fragile understanding between the U.S. and Iran may have broken down, triggering a sharp sell-off across crypto.

The geopolitical situation can change on a dime, so these tensions in the Middle East are likely to be closely monitored by crypto industry players like Bit Digital Inc. (NASDAQ: BTBT) to gauge what the&

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