Bitcoin falls below $75,000 on mounting US-Iran tensions

Bitcoin fell below the $75,000 level on Monday, retreating from its recent gains as investor caution grew amid escalating tensions between the United States and Iran ahead of the ceasefire expiration.

The world’s largest cryptocurrency was trading down 0.7% at $74,756.6 by 03:09 AM ET (07:09 GMT).

Bitcoin had briefly risen above the $78,000 level last week, driven by hopes for the continuation of the ceasefire and the reopening of shipping routes.

Escalation of U.S.-Iran tensions before the end of the truce

This decline followed a series of geopolitical developments over the weekend, including the United States seizing an Iranian-flagged cargo ship, alongside signals from Tehran of its possible non-participation in a new round of negotiations.

These developments raised fears of a renewed conflict, especially with the continued closure of the Strait of Hormuz, which is a vital artery for global oil transport.

These escalating tensions led to a sharp rise in oil prices and caused a wave of risk aversion in the markets, with U.S. stock futures declining during Asian trading.

Cryptocurrencies typically move in tandem with high-risk assets, which exposed them to selling pressure as investors turned toward traditional safe havens.

Analysts expect volatility levels to remain high in the near term, as the direction of the digital currency market continues to depend heavily on geopolitical developments and oil price movements.

Polymarket seeks to raise $400 million at a $15 billion valuation

In a separate context, a report by The Information on Sunday, citing informed sources, stated that the prediction platform Polymarket is in talks to raise $400 million at a valuation of approximately $15 billion.

This move comes amid growing investor interest in prediction market platforms, which have seen a surge in trading volumes and institutional participation in recent months.

Polymarket is seeking to secure new capital to expand its platform and strengthen its position in the rapidly growing event-based trading market, according to the report.

The potential valuation represents a significant jump compared to previous funding rounds, reflecting strong demand for this type of platform linked to real-world outcomes.

The company did not immediately respond to a request for comment on the report.

Cryptocurrency prices today: Altcoins decline despite relatively positive performance

Most alternative currencies also declined slightly on Monday amid an atmosphere of caution.

Ethereum, the world’s second-largest cryptocurrency, fell 1.3% to $2,285.63.

Meanwhile, Ripple, the third-largest cryptocurrency, declined 0.4% to $1.41.