Amid escalating geopolitical tensions in the Middle East, bitcoin briefly dropped below $61,000 before rebounding to trade around $61,700—marking a 2.9% daily loss and wiping roughly $30 billion off its market capitalization. On Tuesday, bitcoin reversed gains made 24 hours earlier, dipping below the $61,000 threshold amid heightened geopolitical tensions in the Middle East. Bitstamp data showed the top cryptocurrency plunged to an intraday low of $60,718 before quickly reclaiming $61,000 and ultimately attempting to test the $62,000 mark.