Bitcoin quickly drops 3.5% as fresh Iran escalation short circuits crypto rally

Surging to a near one-month high of $74,000, bitcoin reversed back to just above $71,000 as news of U.S. military movements in the Middle East rattled risk assets. What to know : Fresh news about escalating military action in the Middle East put an end to bitcoin's rally to $74,000. The S&P 500 and Nasdaq indexes also turned early morning gains into losses, with oil climbing more than $4 per barrel from its lowest levels of the day.