India, June 4 -- Bitcoin suffered a sharp decline on Thursday, falling below the $62,000 mark for the first time in months as investors reacted to escalating tensions in the Middle East and growing concerns about the global economy.

The world's largest cryptocurrency dropped more than 5% during Asian trading hours, extending losses that have already erased a significant portion of its value this week. The latest decline comes as traders move away from riskier assets amid rising geopolitical uncertainty and heavy selling pressure across the crypto market.

Why is Bitcoin Falling?

Several factors have combined to push Bitcoin lower in recent days.

Investors have become increasingly cautious following renewed military activity involving I...