Bitcoin fell below $75,000 on Monday, giving up recent gains as investors turned cautious amid escalating tensions between the United States and Iran ahead of a ceasefire deadline.
The world's largest cryptocurrency was trading down 0.7% at $74,756.60 by 11:09 Saudi time.
Bitcoin briefly rose above $78,000 last week on hopes that the ceasefire would hold and shipping routes would reopen.
Tensions escalate between the United States and Iran ahead of the ceasefire's expiration.
The decline came after a series of geopolitical developments over the weekend, including the US seizure of an Iranian-flagged cargo ship and Tehran's indication that it may not participate in further negotiations.
The situation has raised fears of renewed conflict, especially with the Strait of Hormuz, a key artery for global oil shipments, remaining closed.
Escalating tensions sent oil prices soaring and triggered a broader move toward risk aversion, with U.S. stock futures also falling in Asian trading.
Cryptocurrencies, which often trade in line with high-risk assets, have come under pressure as investors turn to traditional safe havens.
Analysts expect volatility to remain high in the near term, with geopolitical developments and oil price movements likely to determine the direction of the cryptocurrency market.
Polymarket in talks to raise $15 billion in funding - The Information
The Information reported on Sunday that forecasting marketplace Polymarket is in talks to raise $400 million at a valuation of around $15 billion, citing people familiar with the matter.
The discussions come amid growing investor interest in forecast markets, which have seen a rise in trading volumes and institutional participation in recent months.
Polymarket has been exploring new capital to expand its platform and strengthen its position in the rapidly growing event-based trading space, the report said.
The potential valuation would represent a sharp increase over previous funding rounds and underlines the strong demand for alternative trading platforms linked to real-world results.
Polymarket did not immediately respond to a request for comment on the report.
Cryptocurrency prices today: Altcoins remain bullish, Ethereum jumps more than 4%
Most alternative currencies also declined on Monday amid a cautious mood.
Ethereum, the world's second-largest cryptocurrency, lost 1.3% to reach $2,285.63.
XRP, the world's third-largest cryptocurrency, fell 0.4% to $1.41.
Solana fell 0.5%, while Cardano and Polygon traded virtually unchanged.
Among the meme symbols, Dogecoin also traded unchanged.
