Bitcoin fell for a fifth day, dropping below $27,000 for the first time since September, with traders citing the conflict in the Middle East as weighing on investor sentiment.
The largest digital asset by market value slumped as much as 3.2% to $26,541, the biggest drop in a month. Smaller tokens such as Solana and Polygon declined less.
“It’s a similar reaction to what we saw when the Ukraine conflict first erupted last year,” said Michael Safai, founding partner at quant trading firm Dexterity Capital. “When there are more questions than answers, traders tend to retreat.”
“This is a macro-level event that isn’t being balanced out by industry-level sentiment or activity, so there isn’t a whole lot to keep prices moving upward for now,” Safai said.
