Bitcoin slides below $62K as U.S.-Iran tensions push oil higher and crypto lower

Two geopolitical and macro forces converged to push crypto lower today. First, escalating tensions between the U.S. and Iran sent oil prices higher — a classic risk-off signal that historically pulls speculative assets like crypto down alongside equities. Bitcoin, already under pressure, slipped 1.66% to $61,992. Altcoins felt it harder: Solana dropped 5.11%, XRP fell 4.02%, DOGE lost 4.55%, and Cardano led the losers at -7.08%. The Fear & Greed index at 20 — deep in Extreme Fear — reflects how broadly the anxiety has spread. The second thread is more structural: Japan's yen has been weakening sharply, and Japanese companies are reportedly moving capital into Bitcoin and XRP as a hedge against further currency depreciation. That dynamic adds a longer-term demand story underneath the short-term geopolitical noise, though it wasn't enough to offset today's selling pressure. Zcash was the notable exception in the top 15, gaining 3.99% after news that the network is close to deploying a mathematical proof designed to detect hidden counterfeit bugs — a meaningful security upgrade for a privacy-focused chain. The broader selloff made the gain stand out further. LEO Token also held flat (+0.07%), consistent with its pattern of low correlation to daily market swings.

• –Zcash rose nearly 4% after developers announced the network is approaching deployment of a cryptographic proof that can detect hidden vulnerabilities allowing counterfeit token creation — a significant security milestone for the privacy coin.
• –The U.S. SEC is expected to propose new crypto rules as soon as this month that would ease fundraising restrictions for crypto startups, a potential shift in the agency's posture toward the industry.
• –Kraken won a $22 million arbitration award against auditing firm Mazars, which dropped Kraken as a client during the U.S. government's Operation Choke Point 2.0 pressure campaign against crypto businesses.