Bitcoin Struggles Below $61,000 Amid SpaceX IPO and U.S.-Iran Tensions

Bitcoin has fallen to around $61,000 and is struggling to find upward momentum. Analysts suggest that the anticipated SpaceX initial public offering (IPO), expected to absorb significant capital, along with rising military tensions between the U.S. and Iran, are dampening investor sentiment.

According to CoinMarketCap, Bitcoin was trading at $61,406 as of 8 a.m. on June 11, down 0.51% from the previous day. Over the past month, Bitcoin has dropped approximately 20% and has failed to recover the $70,000 mark.

Major altcoins also experienced declines. At the same time, Ethereum fell 1.46% to $1,617.26, while Ripple (XRP) dropped 3.63% to $1.09. Solana was down 3.47% at $62.83. Tether and Binance Coin (BNB) also saw decreases of 0.01% and 1.47%, respectively.

Market analysts indicate that the record-setting SpaceX IPO could be siphoning liquidity from the cryptocurrency market. SpaceX reportedly plans to allocate up to 30% of its total offering, amounting to $22.5 billion, to individual investors.

As a result, there are expectations that individual investors, who typically favor high-risk, high-reward assets, may temporarily shift their funds from the cryptocurrency market to SpaceX's IPO. Reuters reported that demand for the SpaceX IPO has already surpassed $250 billion.

Additionally, escalating geopolitical risks in the Middle East are contributing to the negative sentiment. President Donald Trump has indicated that Iran is delaying negotiations and has mentioned the possibility of a strong military response. The U.S. Central Command announced that attacks against Iran had commenced on the same day.

Meanwhile, at the domestic exchange Bithumb, Bitcoin was trading at approximately 92.42 million won ($60,625), down 1.09% from the previous day. The so-called 'Kimchi Premium,' which reflects the difference between domestic and international prices, was at a negative 0.935% level.