Bitcoin struggled for traction after sinking the most in more than a year, part of a wider tumble in cryptocurrency markets as escalating geopolitical tension in the Middle East spurred risk aversion.

The largest cryptocurrency slid 7.7% on Saturday, the biggest such retreat since March 2023. The token pared some of the drop to change hands at about $63,230 as of 11:36 a.m. in Singapore on Sunday. Most other major coins such as Ether, Solana and meme-crowd favorite Dogecoin nursed 24-hour losses.