The bitcoin price plummeted today, dropping towards $60,000 per bitcoin from its previous high of over $70,000. The sharp decline came after the Iranian Revolutionary Guard announced that it had launched "dozens of drones and missiles" towards Israeli territory as a retaliatory attack. This news has led to concerns that the escalating regional conflict between Iran and Israel could escalate into a full-scale war.

The bitcoin crash had a domino effect on the wider cryptocurrency market, with other top ten coins such as ethereum, BNB, solana, and dogecoin also experiencing significant losses. This resulted in a staggering $500 billion being wiped from the combined crypto market.

Analysts attribute the sudden drop in the bitcoin price to the heightened geopolitical tensions in the Middle East. Rajat Soni, a bitcoin-focused chartered financial analyst, noted that the stock market remained stable because stock investors do not have access to their assets during weekends, whereas bitcoin trades around the clock.

In response to the escalating conflict, the Brent crude oil price surged to around $90 per barrel, reflecting concerns that a potential Middle East war could disrupt oil supplies. Likewise, the price of gold, considered a safe haven asset, reached record highs, increasing by 10% over the past month.

Both gold and bitcoin, often dubbed "digital gold," experienced a decline in the past 24 hours. Bitcoin's sharp decline prompted criticism from Peter Schiff, a gold advocate and bitcoin skeptic, who pointed out that at its peak two and a half years ago, one bitcoin was worth 37 ounces of gold. However, at present, it is worth just 26 ounces, marking a decline of 30%.

The recent drop in the bitcoin price comes as demand for the cryptocurrency has surged due to the approval of Wall Street spot bitcoin exchange-traded funds (ETFs) and the anticipation of a supply cut known as a halving. Over the last six months, bitcoin has more than doubled in price.

As tensions continue to escalate in the Middle East, investors will closely monitor the bitcoin market's response to geopolitical events while keeping an eye on traditional safe haven assets like gold.

(Note: This news article is generated using the information provided by the user and does not reflect any real-world events or opinions.