Shengbao Bank: Bitcoin expands downturn as Iran conflict triggers increase in risk aversion sentiment.

Bitcoin fell to its lowest point in two and a half weeks as investors remained skeptical about the short-term resolution of the Iran conflict. US President Trump extended the deadline for halting strikes on Iran's energy infrastructure by 10 days. However, there are reports that the US is considering deploying more ground troops to the Middle East, raising concerns about a potential escalation. Analysts at Shengbao Bank stated in a report, "Digital assets are weakening again, reinforcing the view that cryptocurrencies are still considered as risky assets rather than defensive assets." They mentioned that a large number of Bitcoin options expiring on Friday could exacerbate short-term price fluctuations as positions are liquidated and hedges are adjusted. Data from the London Stock Exchange Group shows Bitcoin falling by 3.3% to a low of $66,293.