Crypto Markets Reprice Amid Escalating Middle East Tensions

Crypto markets absorbed a weekend of escalating tensions in the Middle East, with the global market cap falling by 4% to $2.76 trillion.

The situation took a turn for the worse on Saturday when Houthi forces struck the Saudi capital Riyadh with missiles and drones.

Oil prices had already closed lower before the weekend, with Brent crude settling at $103.87 on Friday and West Texas Intermediate closing at $100.30 - a third consecutive decline for both.

The attack raised concerns that traditional markets would price in the new risk picture on Monday's open, potentially leading to further declines.