Bitcoin Suffers as US-Iran Tensions Escalate and Interest Rate Hopes Fade

Bitcoin's price slid by over 2% on Tuesday as investors shifted to a 'risk-off' mode due to escalating US-Iran tensions.

The largest cryptocurrency had initially shrugged off President Donald Trump's threats and the first strikes, but its price dropped after the US launched further attacks against Iran.

The attacks were in response to Iran's attempts to place mines in the Strait of Hormuz and an attack on an American military base in Jordan, according to President Trump.

U.S. Central Command said that Iran had also attacked commercial ships.

BTC's price has been sensitive to geopolitical tensions this year, and it typically faces downward pressure when news of war breaks out.