Cryptocurrency markets experienced a downturn in Tuesday's trading session, mirroring the decline in other risk assets. This shift comes as investors grow increasingly wary of the escalating tensions between Israel and Iran.
Market Movements at a Glance
- Bitcoin (BTC-USD) saw a 2.2% drop, settling at $104.4K, a notable retreat from its recent all-time high of $111.9K.
- Ether (ETH-USD), the leading altcoin, wasn't spared, dipping 2.5% to $2.47K.
- Other cryptocurrencies like Ondo (ONDO-USD), Bittensor (TAO-USD), WhiteBIT Token (WBT-USD), and Pepe (PEPE-USD) recorded significant losses, ranging from -6% to -7.1%.
The Geopolitical Backdrop
The fifth day of the Israel-Iran conflict has injected uncertainty into global markets. Comments from U.S. President Donald Trump, hinting at potential U.S. intervention, have only added to the unease.
Crypto-Related Stocks Also Hit
The ripple effects extended to crypto-tied stocks, with notable declines in:
- MicroStrategy (MSTR): -3.4%
- Coinbase (COIN): -4.7%
- Bakkt Holdings (BKKT): -6.7%
- Bitcoin miners like MARA Holdings (MARA), Riot Platforms (RIOT), CleanSpark (CLSK), and Hut 8 (HUT) also faced steep declines.
Legislative Developments
Amid the market turmoil, the U.S. Senate is set to vote on landmark stablecoin legislation, a move closely watched by the crypto community. Analysts are optimistic about its passage this time around, despite previous hurdles.
Olemedia/E+ via Getty Images
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