India, July 8 -- Bitcoin price fell below the important $63,000 level on Wednesday as investors became worried about rising tensions between the United States and Iran. Bitcoin was trading at around $62,553, down 1.2%, after rising above $64,500 in the previous trading session.

The biggest reason for the fall was the growing military conflict between the U.S. and Iran, which made investors move away from risky assets like cryptocurrencies. The U.S. carried out military strikes on Iranian military targets on Tuesday after Iran allegedly renewed attacks on commercial ships in the Strait of Hormuz.

Iran responded by launching missile and drone attacks on U.S. military bases in the Gulf region. These attacks increased fears that the conflic...