Bitcoin has dropped below the $70,000 mark as geopolitical tensions in the Middle East intensify, leading to a broad sell-off in the cryptocurrency market. The decline was exacerbated by Iran's rejection of a U.S. proposal to end regional conflicts, which has dampened global risk appetite. The total cryptocurrency market capitalization fell by approximately 2.5% to $2.45 trillion in the past 24 hours. Ethereum and other altcoins also faced significant losses, with Ethereum's price dropping over 4%. The downturn in the crypto market was further fueled by $193 million in liquidations in the derivatives markets, as well as macroeconomic pressures such as rising oil prices and expectations of continued tight monetary policy by the U.S. Federal Reserve. Ongoing geopolitical uncertainties and the lack of regulatory clarity in the U.S. continue to weigh on investor sentiment.