Bitcoin dropped to its lowest level in more than two weeks, as traders trimmed their positions amid macro risks stemming from tensions between the U.S. and Iran.

The price of Bitcoin fell by as much as 2.2% during Monday's session to $76,551, its weakest point since May 1, before paring some of the losses.

An analyst from BTC Markets noted, "Bitcoin's pullback is primarily macro-driven. Risk appetite is being repriced, and Bitcoin is moving in line with that."