$BTC Bitcoin fell below $104,000 on Wednesday, reaching a daily low of $103,362 amid reports of airstrikes in Tehran that shook global markets and triggered risk-off sentiment.

The cryptocurrency dropped about 4.1% in the latest session, reflecting investor caution amid escalating tensions in the Middle East. In contrast, gold surged to $3,410 per ounce, increasing about 0.6% in the last hour as investors flocked to traditional safe-haven assets.

The rise of the precious metal was further supported by a weakening dollar and concerns over geopolitical flare-ups. The drop in bitcoin also contributed to $920 million being liquidated in derivatives over the day, of which $875 million was in long positions.