TLDRBTC plummeted almost 5% toward $63,000 following coordinated US-Israeli military operations against Iranian targetsThe cryptocurrency reached its weakest level since the February 5 market crash when BTC momentarily fell under $60,000Israel’s Defense Minister Israel Katz announced a nationwide state of emergency throughout the countryBTC’s continuous trading schedule positions it as an immediate outlet for risk aversion when traditional markets remain closedMarket participants dumped bitcoin as it represented one of the only major liquid assets accessible during weekend hoursThe world’s leading cryptocurrency experienced a dramatic decline on Saturday, February 28, 2026, plunging toward $63,000 following military strikes executed by the United States and Israel against Iran.Bitcoin (BTC) PriceThe digital asset shed nearly 5% of its value within mere minutes, representing a significant blow to the cryptocurrency market.The selloff pushed bitcoin to levels not witnessed since February 5, when the digital currency momentarily traded beneath the $60,000 threshold.BREAKING: Bitcoin falls below $64,000 as Israel launches strikes on Iran.Over $100 million worth of levered longs have been liquidated in 15 minutes. pic.twitter.com/S4SibWkks3— The Kobeissi Letter (@KobeissiLetter) February 28, 2026Israeli Defense Minister Israel Katz announced a comprehensive state of emergency covering the entire nation immediately following the commencement of the military operations.According to The Wall Street Journal, a U.S. official verified American involvement in the coordinated attacks.Reuters reported that Israeli officials characterized the military action as a “preemptive strike,” citing statements from the nation’s defense leadership.Why Bitcoin Sold Off FirstUnlike traditional equity and bond markets that close for weekends, Bitcoin operates continuously without interruption, 24 hours daily, seven days weekly.BREAKING: Bitcoin just dumped $2,500 in 45 MINUTES after Israel launched an attack on Iran. $209 MILLION worth of longs have been liquidated in the past 60 minutes.$72 billion wiped out from crypto market. pic.twitter.com/eUmgLpipH5— Bull Theory (@BullTheoryio) February 28, 2026This constant availability positions it as among the few substantial, liquid assets accessible for traders to offload during heightened risk periods outside conventional market operating hours.This behavior represents a recurring phenomenon. BTC frequently experiences rapid selloffs during geopolitical crises, often rebounding once conventional markets resume trading.“Bitcoin just dropped off a cliff,” one market observer shared on X, further predicting that “Monday will be a bloodbath in the market.”Geopolitical ContextThe military operations arrive after several weeks of escalating U.S. military presence and unsuccessful nuclear discussions with Iranian leadership.JUST IN: Bitcoin crashes below $65,000 after Israel launches strikes on Iran. $175,000,000 worth of leveraged crypto positions have been liquidated from the crypto market in the past 30 minutes. pic.twitter.com/Z7UZ0GrT0s— Bitcoin Junkies (@BitcoinJunkies) February 28, 2026Market analysts had previously been examining potential implications of Iranian conflict for bitcoin, precious metals, and equity markets.The military action heightens the possibility of expanded regional warfare in one of the globe’s most economically critical regions.In recent months, bitcoin’s price movement has diverged from gold, challenging its narrative as a safe-haven or “digital gold” investment vehicle.As of Saturday morning hours, bitcoin was changing hands near $63,000, with additional market volatility anticipated when conventional financial markets resume operations Monday.The post BTC Plunges Below $64K as US-Israel Military Action Against Iran Triggers Crypto Selloff appeared first on Blockonomi.