Bitcoin's price fell below $63,000 as risk assets faced a sell-off, reversing gains from earlier in the week. The decline coincided with a broader market retreat, as global equities slipped in thin trading due to market closures in the US, China, Hong Kong, and Taiwan. Asian shares fell 0.6% after reaching record highs over the past five days. The market pressure was compounded by a drop in Brent crude prices, which traded around $79 per barrel, down 9% for the week. This followed the normalization of shipping through the Strait of Hormuz after a US-Iran deal. Meanwhile, discussions on Iran's nuclear program are underway, with a 60-day deadline set for finalizing the deal's details. Michael Egorov, founder of Curve Finance, noted that Bitcoin's behavior this cycle is influenced by the approval of spot ETFs just before the 2024 halving, attracting institutional demand and altering traditional market patterns. He observed that speculative interest has shifted from altcoins to memecoins following the ETF launches.