Bitcoin slipped to around $63,000 on Friday, tracking a broader risk-off move as US stocks extended losses. The drop came as the US launched new strikes on Iran and President Trump used a speech to accuse China of interfering in the 2020 election — a claim that immediately reignited calls to pass the SAVE America Act before the midterms.
Stocks slide alongside crypto
US equities continued their decline on Friday, adding pressure to Bitcoin. The correlation between BTC and the S&P 500 has been tight this year, and Friday was no exception. The S&P 500 fell about 1.2% on the day, its third straight session of losses.
New US strikes on Iran
The Pentagon confirmed fresh strikes on Iranian targets, escalating military action in the Middle East. Geopolitical uncertainty often pushes investors toward cash or gold, and crypto wasn't spared. Bitcoin's drop accelerated after the news broke mid-afternoon.
Trump's speech and the SAVE America Act
In a speech Friday, Trump alleged Chinese interference in the 2020 US election. The remarks prompted renewed calls from Republican lawmakers to pass the SAVE America Act — a bill aimed at tightening election security — before the upcoming midterm elections. The timing isn't great for risk assets: political uncertainty tends to weigh on markets.
With the midterms approaching and geopolitical flashpoints multiplying, traders are watching for further volatility. Bitcoin's $63,000 level is a key psychological support; a break below could accelerate selling. The SAVE America Act is expected to be debated in the House next week, adding another layer of political uncertainty to markets.
